Key Takeaways
- Brandon Lutnick is spearheading 21 Capital with backing from SoftBank, Tether, and Bitfinex.
- The group plans to create a multi-billion-dollar Bitcoin acquisition vehicle modeled on Strategy’s approach.
- The family’s overlapping roles in government and crypto-linked finance have raised fresh conflict-of-interest concerns.
A coalition of Wall Street firms and crypto heavyweights , including Cantor Fitzgerald, SoftBank, Tether and Bitfinex, is partnering to launch 21 Capital, a new Bitcoin (BTC) investment vehicle.
The project is modeled after Strategy (formerly MicroStrategy), but with more capital, a broader set of backers, and deeper institutional ambitions.
At the helm is Brandon Lutnick, the newly appointed chairman of Cantor Fitzgerald and son of U.S. Commerce Secretary Howard Lutnick.
But what’s turning heads is SoftBank’s reentry into crypto—this time with Masayoshi Son making his boldest Bitcoin move yet.
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21 Capital Looks to Institutionalize Bitcoin Exposure
According to sources familiar with the plans , 21 Capital will be seeded with $3 billion worth of Bitcoin: $1.5 billion from Tether, $900 million from SoftBank, and $600 million from Bitfinex.
The venture will also raise $350 million via a convertible bond and another $200 million in private equity.
All Bitcoin contributed will eventually convert into shares in 21 Capital at a fixed $10-per-share rate, implying a Bitcoin valuation of $85,000. The move echoes Strategy’s capital-raising tactics, but with broader participation and more built-in risk dispersion.
The vehicle is being launched via Cantor Equity Partners, a SPAC that raised $200 million earlier this year.
Masayoshi Son’s Bitcoin Bet Grows Up
SoftBank founder Masayoshi Son is no stranger to crypto, but this latest move feels more deliberate—and harder to walk away from.
In 2017, Son personally bought around $200 million worth of Bitcoin near the top and sold it months later at a steep loss, reportedly over $130 million.
The move became something of a cautionary tale for tech execs dabbling in crypto.
However, with SoftBank anchoring 21 Capital alongside Tether and Bitfinex, the return to Bitcoin feels more calculated and far harder to resist.
“Masayoshi Son’s biggest Bitcoin bet yet,” said Matthew Sigel, head of digital assets research at VanEck. “It seems to me that Masa’s looking to build a Bitcoin-AI-energy flywheel: Stargate for infra. Cipher for compute and BTC mining. 21 Capital to monetize the Bitcoin. SoftBank always likes to own the whole stack.”
That flywheel approach is already showing signs. Earlier this year, SoftBank invested $50 million in Cipher Mining to support high-performance data center infrastructure, a potential backbone for future Bitcoin-related operations.
The firm also entered exclusive talks for additional data center space, though that deal ultimately stalled.
What makes this latest move stand out is its permanence. Unlike Son’s 2017 dabble, SoftBank’s $900 million in BTC is part of a broader, SPAC-driven structure with locked-in conversion terms, signaling this isn’t a trade they can easily unwind
Cantor Fitzgerald’s Crypto Expansion
Under Brandon Lutnick’s leadership, Cantor Fitzgerald is deepening its push into crypto markets.
The firm has launched multiple SPACs and advised Tether on its $775 million investment in streaming platform Rumble.
Analysts at Alva say the plan is about more than just stacking BTC.
“This 21 Capital play is all about building the rails for institutional BTC,” they noted . “They’re pooling capital and firepower from both sides—traditional finance and crypto—to create deep liquidity pools, custody products, and compliant onramps for big money.”
“Unlike MicroStrategy’s lone-wolf HODL, this is a coordinated, risk-diversified push. Think less ‘bet-the-company,’ more ‘unlock the market.’ If they pull it off, expect new flows, more stable prices, and a reinforced BTC-as-macro-hedge narrative,” the analysts added.
Conflict of Interest Concerns
The Lutnick family’s dual roles in government and crypto-linked finance are raising eyebrows.
Howard Lutnick, now serving in Trump’s cabinet, officially handed the reins of Cantor Fitzgerald to his sons: Brandon as chairman, Kyle as vice chairman.
Still, the family’s longstanding crypto connections and Cantor’s business relationship with Tether are drawing attention in Washington.
Senator Elizabeth Warren has already pushed for answers regarding Howard Lutnick’s ties to Tether, citing transparency and oversight concerns.
Meanwhile, Cantor’s filings reveal sizable crypto exposure, including major stakes in Bitcoin and Ethereum ETFs, and a $1 billion investment in Strategy, the firm 21 Capital seems determined to rival.
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