Cantor Fitzgerald's Tether stake could hit $25B in fundraise
Cantor Fitzgerald придбала понад $600 млн конвертованого боргу Tether, що дає компанії 5% частку в емітенті стейблкоїна. За даними Bloomberg, Tether нині залучає близько $15 млрд за оцінки $500 млрд. За такої оцінки частка Cantor коштуватиме близько $25 млрд.
The New York investment bank is pitching the offering to investors. The Lutnick family controls Cantor Fitzgerald. The fundraising would rank among the highest valuations for a private company and represents one of the largest private deals ever attempted.
Cantor's relationship with Tether started before this funding round. In January 2024, Cantor's chief executive said the firm serves as custodian for Tether's U.S. Treasury holdings and backed the adequacy of the issuer's reserves. "I hold their Treasuries... and they have a lot of Treasuries," Howard Lutnick said in December 2023.
In late 2024, Cantor discussed support from Tether for a dollar-lending program collateralized by bitcoin. The plan pointed to expanding ties between the broker and the issuer beyond custody services.
Tether has faced years of scrutiny over the transparency and composition of its reserves. Cantor emerged as a key Wall Street partner helping manage the issuer's Treasury portfolio during this period. Earlier this year, U.S. Senator Elizabeth Warren highlighted Cantor's role in Tether's rise in a letter to Howard Lutnick. The letter underscored the political and regulatory attention around the relationship between the two firms.
The potential $25 billion windfall for Cantor depends on investors committing the full $15 billion to Tether at the target valuation. Cantor is working to place the deal with prospective backers.
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