Brandon Lutnick, Tether, SoftBank Back $3 Billion Bitcoin Venture
A new cryptocurrency investment push is underway, with Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, partnering with crypto powerhouses Tether (CRYPTO: USDT), Bitfinex and Japanese investment giant SoftBank to launch a multibillion-dollar Bitcoin (CRYPTO: BTC)-focused venture.
What Happened: Quoting sources familiar with the initiative, the Financial Times reported on Tuesday that the group aims to create a massive Bitcoin acquisition vehicle modeled after the playbook of Strategy (NASDAQ:MSTR), the tech firm-turned-Bitcoin heavyweight.
Strategy gained widespread attention for turning its corporate reserves into a Bitcoin treasury strategy, eventually amassing a position worth tens of billions of dollars and reaching a public valuation north of $90 billion.
Lutnick’s new venture, named 21 Capital, is being formed through Cantor Equity Partners, a special purpose acquisition company (SPAC) that …
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