Brandon Lutnick, son of US Trade Secretary Howard Lutnick and chairman of Cantor Fitzgerald, launches a listed Bitcoin investment vehicle supported by Softbank, Tether and BitFinex, reported the Financial Times first.

The special purpose purchase company (SPAC), called Cantor Equity Partners, raised $ 200 million in January and will help form a new company, 21 capital, poded with $ 3 billion in Bitcoin (BTC) from Crypto Heavyweights. The deal mirrors Microstrateys Bitcoin -Proxy model and would convert BTC to equity to a valuation of $ 85,000 per year. Coin.

Cantor Fitzgerald is one of Tether’s deputies and holds most of his US treasuries. However, Howard Lutnick has softened his attitude towards Tether’s liquidity while testifying to the Senate after he initially said StableCOin emitter could explain every dollar.

Tether and BitFinex contributes $ 1.5 billion and $ 600 million respectively, while Softbank adds $ 900 million. The venture plans to collect an additional $ 550 million through bonds and private equity to buy more BTC.

SPAC comes in the midst of renewed cryptooptimism during the Trump administration, with Bitcoin hovering near $ 92,000 and regulatory tail winds changing. The deal is expected to be announced in the coming weeks, but can still change, according to FT.