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Cantor Joins SoftBank and Tether to Launch Fund Seeded With $3B BTC
In a recent development, Cantor Fitzgerald has partnered with SoftBank and Tether to create a multibillion-dollar Bitcoin acquisition fund. The newly formed entity will be called 21 Capital.
As per the report, Brandon Lutnick, Cantor’s chair, aims to replicate the success of Strategy, which is considered the most successful corporate Bitcoin investor to date. It has an impressive portfolio that includes approximately 538,200 BTC valued at a staggering $50 billion, with a profit of 37.6%, or $13.7 billion.
It’s worth noting that Michael Saylor’s average dollar cost for buying Bitcoin is $67,793 per BTC, which seems to be significantly lower than the current market price. At present, cryptocurrency has reached an all-time high, surpassing the $93,000 mark as markets recover and the bull run continues.
Additionally, it was reported that Trump Media and Technology Group (TMTG), a media firm owned by the Trump family, has agreed to collaborate with Crypto.com to launch crypto ETFs and securities products under the “Made in America” theme. This partnership is significant, as it highlights the growing interest of corporations and institutions in cryptocurrency.
The recent surge in institutional investment can be attributed to rising global trade tensions and a weakening US dollar. As a result, investors are flocking towards safe-haven assets, such as Bitcoin. Over the past fortnight alone, the crypto market has witnessed $500 billion in capital inflows.
Lastly, it’s essential for readers to know that this information is based on publicly available data and should not be taken as investment advice.
Source: https://cryptopotato.com/cantor-joins-softbank-and-tether-to-launch-fund-seeded-with-3b-btc/
