Shares of special purpose acquisition company Cantor Equity Partners I Inc ( CEPO ) surged into the close on Tuesday following a report that the company is nearing a deal to invest billions in Bitcoin (CRYPTO: BTC).

What To Know: According to a Financial Times report, Cantor Fitzgerald chair Brandon Lutnick is in late-stage talks with Blockstream Capital founder Adam Back to buy more than $3 billion in Bitcoin.

Cantor Equity Partners I ( CEPO ), which raised $200 million in cash in an IPO in January, would reportedly have Back contribute more than 30,000 Bitcoin to the blank check company and raise up to $800 million in outside capital as part of a broader deal aimed at accumulating the crypto.

Back and Blockstream would provide the Bitcoin in exchange for shares in the Cantor company, which would be renamed BSTR Holdings.

Two people briefed on the matter reportedly said that the deal is in the late stages and could be announced as soon as this week.

Lutnick, who is the son of U.S. Commerce Secretary Howard Lutnick, took control of Cantor Fitzgerald in May when his father was confirmed as the top trade official of the Trump administration.

Back is a well-known cryptographer whose work was cited in the Bitcoin white paper. There has been speculation that Back could be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, but he has consistently denied the claims.

CEPO Price Action: Cantor Equity Partners I ( CEPO ) shares closed Tuesday up 22.72% after surging on the news ahead of the bell. The stock was down 1.56% in after-hours, trading at $14.49 at the time of publication, according to Benzinga Pro.

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