Investment Maverick Masayoshi Son Makes a New Bet on Crypto After Heavy Investment in AI
Masayoshi Son, the “investment maverick,” is set to make another significant bet in the crypto industry after heavily investing in AI. Similar to his AI strategy, the SoftBank Group he leads may partner with Cantor Fitzgerald, a traditional financial services firm closely connected to U.S. officials, and the largest stablecoin issuer Tether to establish a crypto joint venture worth up to $3 billion.
This joint venture is viewed as a variant replay of the “Bitcoin Financial Strategy” led by Michael Saylor’s Strategy company. Following the resignation of U.S. Secretary of Commerce Howard Lutnick as Chairman and CEO of Cantor, his son Brandon Lutnick now leads the company.
Tether to Contribute $1.5 Billion in Bitcoin, Opening Era of “Bitcoin Financial Strategy” 2.0
The joint venture will take the form of a Special Purpose Acquisition Company (SPAC) named Cantor Equity Partners. In January of this year, this SPAC raised an initial fund of $200 million, planning to establish a new company called “21 Capital” through this entity to absorb and manage billions of dollars in Bitcoin assets. Partners in this collaboration will convert their investments into shares of 21 Capital at a valuation of $85,000 per Bitcoin, with a share price of $10.
According to reports, Tether will provide $1.5 billion worth of Bitcoin as its contribution, while its associated exchange Bitfinex and SoftBank Group will invest $600 million and $900 million in Bitcoin, respectively. This deal is expected to be officially announced in the coming weeks, although there remains a possibility of it falling through.
This SPAC is seen by the market as a replay of the “Bitcoin Financial Strategy” by Strategy. Originally a provider of enterprise software, Strategy has transformed into a core advocate of “digital gold” through continuous Bitcoin asset purchases. As of April 23, it held 538,200 Bitcoins, worth over $50.1 billion. Its aggressive financial strategy has inspired the emergence of numerous imitators worldwide, such as Japan’s Metaplanet Inc. Their purchases are typically funded through the issuance of stocks and other financial instruments, including convertible notes.
Now, Cantor, Tether, and SoftBank are attempting to extend this similar approach to a more structured level of investment tools or to attract more funds into the Bitcoin market through new acquisition platforms.
At the same time, in recent years, Tether, as the issuer of the world’s largest stablecoin USDT, has actively pursued a diversified investment strategy. Over the past year, the company has made frequent investments in agriculture, AI, and even brain-computer interfaces.
Deepening Tether and Cantor’s Political and Business Ties?
The relationship between Tether and Cantor is becoming increasingly close. Cantor not only holds convertible bonds issued by Tether but also assists in managing Tether’s over $80 billion U.S. Treasury reserve, which provides a value anchor for the USDT stablecoin with a market cap of up to $142 billion. This asset management arrangement generates tens of millions of dollars in revenue for Cantor each year. In 2023, Cantor acquired 5% of Tether’s shares through convertible debt investments, valued at approximately $600 million.
Former CEO of Cantor Fitzgerald, Howard Lutnick, was appointed Secretary of Commerce under the Trump administration in February 2025, officially leaving the company to enter politics. This personnel change reflects the succession of power within the Cantor family.
Howard Lutnick led Cantor Fitzgerald for over 30 years and rebuilt the company after losing 658 employees in the September 11 terrorist attacks. Upon his appointment as Secretary of Commerce, he is required to divest his business interests according to U.S. government ethics rules, but his influence continues through strategic and familial mechanisms. The new appointment structure indicates Lutnick’s intention to maintain his vision through trusted insiders and family members.
His son, 26-year-old Brandon Lutnick, has been appointed Chairman of Cantor and is the primary driving force behind this SPAC project. He facilitated contact between Tether and video platform Rumble Inc. before Tether’s $775 million investment in the latter. According to the Financial Times, the newly established SPAC is Brandon’s effort to place Cantor at the core of the crypto investment boom.
Another son of Lutnick, Kyle Lutnick, has been appointed Executive Vice President of Cantor Fitzgerald, L.P. Although Lutnick has divested his holdings in Cantor, BGC Group, and Newmark Group according to U.S. government ethics requirements, critics question whether this truly severs his influence. Democratic Senator Elizabeth Warren has publicly pointed out the deep connections and support between Lutnick and Tether, raising concerns about his judgment and whether he can prioritize the interests of the American people over personal financial interests.
Another Significant Move by Cantor: SoftBank’s Bitcoin Re-attempt
Back in July 2024, at the Bitcoin 2024 conference in Nashville, Howard Lutnick publicly announced that Cantor Fitzgerald would launch a Bitcoin-collateralized lending business with up to $2 billion in funding. In his speech, he recalled the impact of the “9/11” event on himself and the company, expressing strong support for Bitcoin and the crypto community.
At the end of his speech, Lutnick added, “The moral of this story is that we will welcome Bitcoin into the financing system of the global financial market, and Cantor Fitzgerald will be your supporter.”
This signal was interpreted by the market as a further push from traditional financial companies to invest in Bitcoin. Last November, according to Bloomberg citing informed sources, Cantor Fitzgerald was in discussions with Tether regarding support for its proposed billion-dollar loan plan, which aims to offer dollar loans to customers using Bitcoin as collateral.
Meanwhile, SoftBank, another key player in this collaboration, had previously purchased $200 million worth of Bitcoin back in 2017, led by group chairman Masayoshi Son, only to incur a loss of over $130 million by buying at market peaks and selling at lows.
However, in recent years, SoftBank has re-committed to the field of digital infrastructure. Earlier this year, SoftBank invested $50 million in Cipher Mining, acquiring approximately 10.4 million shares (3%) to support HPC data center development and engaged in exclusive negotiations for a month concerning data center space, although the negotiations were never completed.
Overall, this collaboration plan involving Cantor, Tether, and SoftBank is seen as another significant bet by SoftBank in the Bitcoin market, utilizing a structured framework to mitigate risks. The combined crypto joint venture of the three companies not only has a remarkable scale but also deeply integrates stablecoins, Bitcoin assets, policy power, and institutional custody in its strategic path.
More importantly, amidst the Trump administration’s promotion of the “Bitcoin Strategic Reserve” and a more relaxed regulatory environment for crypto, Cantor, Tether, and SoftBank may be able to align with macro policies to pave the way for traditional finance to fully embrace cryptocurrencies.
This article is a collaborative reprint from: PANews