- Adam Back plans to sell 30,000 Bitcoin to Cantor Fitzgerald through a SPAC.
- This deal, valued at $3 billion, will allow shares in a bitcoin holding company to trade publicly.
- Back, known for his role in early bitcoin development and cypherpunk activism, has previously opposed traditional banking practices.
- The move marks a shift as banks and brokerage firms gain increased involvement in bitcoin markets.
- Bitcoin’s recent price rally and the popularity of bitcoin treasury companies are driving similar transactions in traditional finance.
Adam Back, a well-known figure in the bitcoin community, is preparing to sell 30,000 bitcoin (BTC) to Wall Street firm Cantor Fitzgerald. The sale, worth an estimated $3 billion, involves transferring the bitcoin into a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Once completed, members of the public will be able to buy shares in this bitcoin-holding entity.
According to reported plans, the SPAC—currently named Cantor Equity Partners 1 and trading under the ticker CEPO—intends to rename itself as BSTR Holdings. The company’s stock price has risen 28% in anticipation of the transaction. Documents show that the structure lets insiders convert bitcoin exposure into cash by selling public shares.
Back has a longstanding reputation within the bitcoin community for promoting privacy, individual financial control, and resistance to government-backed banking. He is noted for his work on Hashcash, a digital proof-of-work system referenced by Satoshi Nakamoto in the early days of bitcoin. Despite his opposition to mandatory identity checks for crypto users and his previous comments against traditional finance, this deal marks a significant partnership with established financial institutions.
Analysts report that many bitcoin-holding public companies trade at high premiums compared to the value of their actual bitcoin reserves. These companies, known as bitcoin treasuries, often see their shares trade for much more than the net value of their assets. Because of this, insiders can profit by selling shares as the price climbs. Back previously launched H100 Group, a Swedish bitcoin treasury company, which grew from about $0.14 to $1.01 per share after the announcement.
The proposal comes at a time when bitcoin’s price continues to reach new highs, partly due to increased activity by corporations and the launch of bitcoin-based exchange-traded funds. Cantor Fitzgerald, which has links to the management of the reserves for stablecoin issuer Tether (USDT), is further increasing its role in bitcoin markets.
Bitcoin’s original vision, as noted by creator Satoshi Nakamoto in its Genesis Block, was to offer an alternative to government bailouts for large banks. The current deal involving one of bitcoin’s earliest supporters and a prominent Wall Street firm has sparked debate about the direction of the cryptocurrency and its growing alignment with mainstream finance. Some members of the community see these developments as a step toward broader acceptance, while others question their alignment with bitcoin’s founding goals.
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