Brandon Lutnick, Tether, SoftBank Launch $3B Bitcoin Fund: Is 21 Capital the New Strategy?
A new institutional push into Bitcoin is underway as Brandon Lutnick, the son of U.S. Commerce Secretary Howard Lutnick, teams up with Tether, SoftBank, and Bitfinex to launch a $3 billion BTC-focused investment vehicle — a potential game-changer for institutional crypto exposure.
According to an exclusive from the Financial Times, the venture is modeled after Strategy’s BTC treasury strategy, which made headlines for turning its corporate balance sheet into a Bitcoin powerhouse.
Now, 21 Capital could be next in line to influence the market — both through size and strategy.
What Is 21 Capital? Inside the New Bitcoin Power Play
The new venture, 21 Capital, will be created through Cantor Equity Partners, a SPAC that raised $200 million earlier in 2025. This SPAC formation gives the project a fast-track to public listing and large-scale capital deployment.
Breakdown of initial $3B investment:
| Partner | Contribution |
|---|---|
| Tether | $1.5 billion |
| SoftBank | $900 million |
| Bitfinex | $600 million |
| Additional Raise | $550 million (via bonds and private equity) |
Contributors will receive 21 Capital shares at a fixed price of $10, valuing Bitcoin at $85,000 per coin for this transaction — an aggressively bullish valuation, considering Bitcoin is currently trading just above $94,000.
Why This Matters: 21 Capital Could Become the Next Strategy
Much like Strategy (MSTR) transformed its corporate identity by betting heavily on BTC, 21 Capital is taking a similar route — but with even deeper pockets and more institutional firepower.
Strategy now holds over 538,000 BTC, with a public valuation over $90 billion. That kind of scale reshaped how companies viewed BTC as a treasury asset.
With $3 billion of BTC on deck and a growing list of influential backers, 21 Capital may become a blueprint for future institutional crypto vehicles.
Bitcoin’s Institutional Era Accelerates
Institutional investment into crypto is clearly gaining momentum. This latest move follows:
- BlackRock and Fidelity’s Bitcoin ETF approvals
- Tesla’s renewed BTC buying spree
- Governments like El Salvador doubling down on Bitcoin-backed bonds
And now, with Tether and SoftBank involved, it signals that major fintech and traditional capital are doubling down on BTC exposure — not just through ETFs, but directly on the books.
Chart: Recent Institutional Bitcoin Allocations
| Entity | BTC Holdings/Allocation | Date |
|---|---|---|
| Strategy (MSTR) | 538,000+ BTC | Ongoing |
| Tesla | ~11,000 BTC | Reacquired in Q1 2025 |
| Tether (21 Capital) | $1.5B worth BTC | Pending Q2 2025 |
| SoftBank (21 Capital) | $900M worth BTC | Pending Q2 2025 |
SPAC Strategy: Fast-Tracking Institutional Crypto Access
Using a SPAC structure (Special Purpose Acquisition Company) to launch 21 Capital has major advantages:
- Rapid market entry
- Easier access to public markets
- Clear share structure for contributors
- Scalable roadmap for future crypto-related investment
The SPAC raised $200 million independently, providing early capital flexibility before the Bitcoin funding round is even completed.
What Could This Mean for Bitcoin Prices?
Let’s talk impact.
A $3B purchase of Bitcoin — even staggered over several weeks — would represent a significant demand shock in a market already leaning bullish.
If executed rapidly, this could:
- Push BTC further past $100,000
- Spur other institutions to accelerate their entries
- Establish a new BTC valuation floor
It also provides bullish validation from some of the most influential financial players in the East and West.
Lutnick Legacy: Politics Meets Bitcoin
The Lutnick name carries weight on Wall Street and in Washington. Brandon Lutnick’s role in this project links traditional finance, politics, and crypto in a way that may ease regulatory resistance — particularly as U.S. crypto policy remains under debate.
This could become the template for public-private crypto alignment moving forward.
Final Thoughts: 21 Capital Is More Than a Fund — It’s a Signal
The formation of 21 Capital is about more than just $3 billion in Bitcoin. It represents a paradigm shift — a sign that crypto is no longer niche, speculative, or fringe.
With names like Tether, SoftBank, Bitfinex, and Lutnick behind it, 21 Capital could become the most influential crypto treasury vehicle since Strategy — and perhaps the first true institutional model for multilateral Bitcoin accumulation.
If you’re watching for institutional dominoes, this one just fell — and more are likely to follow.
