Brandon Lutnick, the son of U.S. Commerce Secretary Howard Lutnick and the chair of Cantor Fitzgerald, is set to launch a nascent bitcoin investment vehicle supported by prominent investors like SoftBank, Tether, and Bitfinex, as reported by the Financial Times.

The special purpose acquisition company (SPAC) named Cantor Equity Partners has successfully garnered $200 million in funding as of January. It will facilitate the establishment of a new entity called 21 Capital, which will initially be infused with $3 billion worth of bitcoin (BTC) sourced from notable figures in the crypto arena. The structure of this deal is reminiscent of the bitcoin investment strategy utilized by MicroStrategy.

Tether and Bitfinex will contribute $1.5 billion and $600 million, respectively, while SoftBank is on board with an additional $900 million. There are plans to secure another $550 million through private equity and bond offerings aimed at acquiring more bitcoin.

This venture emerges against a backdrop of revitalized optimism surrounding cryptocurrencies during the Trump administration, particularly as bitcoin’s value hovers around $92,000 amid favorable regulatory conditions. An announcement regarding this deal is anticipated in the near future, though details may still be subject to change.