Cantor’s CEPO Jumps 25% on $3.5B Bitcoin Deal With Adam Back
Cantor Equity Partners I (CEPO) surged nearly 25% to just under $15 in early U.S. trading Wednesday, following news of a potential $3.5 billion Bitcoin deal with cryptography pioneer Adam Back.
According to a report from the Financial Times, Back is nearing an agreement to sell 30,000 BTC to CEPO, a blank-check firm led by Brandon Lutnick — chairman of Cantor Fitzgerald and son of former U.S. Commerce Secretary Howard Lutnick. In exchange, Back would receive equity in the renamed entity, BSTR Holdings. The company also aims to raise an additional $800 million to expand its Bitcoin treasury.
Backing Bitcoin’s Institutional Future
While some speculate the move signals Back’s desire to exit a portion of his holdings, analysts say the opposite is likely true.
“This isn’t a liquidation — it’s a signal of long-term commitment,” said James Van Straten, Senior Analyst at CoinDesk. “Back isn’t stepping away from Bitcoin; he’s leaning in, using institutional vehicles to push Bitcoin further into mainstream finance.”
Van Straten noted that Back has personally backed other Bitcoin-focused treasury strategies, suggesting this latest move fits a broader effort to legitimize Bitcoin as a core institutional asset.
CEPO’s Strategic Pivot
CEPO has seen renewed investor interest since pivoting to a BTC-focused strategy. Wednesday’s surge builds on momentum sparked by growing market appetite for structured Bitcoin exposure and institutional-grade access points.
If finalized, the deal would mark one of the largest single purchases of BTC by a publicly listed vehicle, reinforcing the narrative of increasing institutional adoption.
The partnership between CEPO and Adam Back could prove to be a pivotal moment in the convergence of legacy finance and crypto-native innovation.
