Cantor, SoftBank, Tether Eye $3B Bitcoin SPAC

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In Today's Email:

• What Matters: Cantor, SoftBank, Tether Eye $3B Bitcoin SPAC 👀 

• Case Study: Bitget Loses Over $100M 💸 

• Governance & Features: Ripple’s RLUSD on Aave V3 🚀 

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WHAT MATTERS

Cantor, SoftBank, Tether Eye $3B Bitcoin SPAC

State of play: Brandon Lutnick, son of US Commerce Secretary Howard Lutnick, is leading a new Bitcoin-focused acquisition company called 21 Capital, backed by $3B from SoftBank, Tether, and Bitfinex.

• The venture will operate via Cantor Equity Partners, a SPAC that raised $200M in January.

• 21 Capital will receive $3B in Bitcoin: $1.5B from Tether, $900M from SoftBank, and $600M from Bitfinex.

• Cantor's partners will convert Bitcoin investments into 21 Capital shares at $10 each, valuing Bitcoin at $85,000 per coin.

• The group aims to emulate MicroStrategy's success as a public company investing heavily in Bitcoin.

• The initiative aligns with increased crypto support under the Trump administration.

Why it matters: The deal signals a significant milestone in mainstream financial institutions embracing Bitcoin, reflecting institutional confidence and acceptance of cryptocurrency as a viable investment vehicle.

Our take: This mimics the MSTR’s Bitcoin treasury strategy; it’s essentially a regulatory and liquidity arbitrage play.

For builders and investors: Finding your edge in discovering new capital flow is key to any DeFi/CeDeFi products.

CASE STUDY

Bitget Loses Over $100M in VOXEL Trading Bug

Crypto exchange Bitget experienced losses surpassing $100M after traders exploited a bug affecting the VOXEL/USDT perpetual futures contracts on April 20, 2025.

• A flaw in Bitget’s market-making bot caused rapid price swings, with VOXEL repeatedly surging and crashing within seconds.

• Traders repeatedly flipped between long and short positions, exploiting the automated execution of trades without normal order book delays.

• Bitget responded by temporarily suspending trading, freezing suspicious accounts, and rolling back transactions linked to the exploit.

• CEO Gracy Chen assured users their funds remained safe and announced a compensation plan backed by the exchange’s $300M protection fund.

• However, the incident sparked community concerns regarding exchange obligations, market integrity, and security standards.

The event was compared to a similar recent exploit involving Hyperliquid’s JELLY token, highlighting ongoing vulnerabilities across crypto exchanges.

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INSIGHTS

Grayscale's Future Bitcoin and Crypto Strategy

Grayscale CEO Peter Mintzberg outlined ambitious plans to reshape the company's strategy around BTC and crypto. Facing competition from giants like BlackRock, he is steering Grayscale beyond its historical reliance on high-fee BTC products.

• His key moves include launching low-fee Bitcoin ETFs, such as the “mini” GBTC, and expanding into diversified crypto ETFs, covered call Bitcoin products for income generation, and Ethereum staking services.

• Mintzberg is also rapidly growing a national sales force to target deep-pocketed institutional clients, positioning Grayscale to attract substantial new capital into the crypto ecosystem.

• Ultimately, his vision aims to transform Grayscale into a diversified crypto investment powerhouse, mirroring the impact of traditional asset management giants like BlackRock and Vanguard.

FEATURES & GOVERNANCE UPDATE

Ripple’s RLUSD Launches on Aave V3

Ripple’s RLUSD stablecoin is now live on Aave’s V3 Ethereum Core market, allowing users to supply and borrow the token within defined limits, a 50M RLUSD supply cap, and a 5M borrow cap.

• RLUSD is a 1:1 USD-pegged stablecoin backed by cash, USD deposits, and short-term Treasuries, available on both the XRP Ledger and Ethereum.

• With features like a “clawback” function for regulatory compliance, RLUSD is positioning itself as an institutional-grade alternative to existing stablecoins.

• Its Aave integration is expected to increase adoption and potentially enhance Ripple and XRP’s standing in the crypto ecosystem.

Other notable feature updates:

• Sonic has integrated Arkham.

• Initia launched the Vested Interest Program (VIP).

• Circle announced the Circle Payments Network (CPN).

• Pendle has launched PT-sUSDe on Euler Finance via BNB Chain.

• Converge unveiled a fast EVM chain on Arbitrum using the G2 sequencer.

QUICK BITES

• Circle & BitGo plan to apply for bank charters.

• SEC drops case against HEX founder Richard Heart.

• Ripple’s RLUSD stablecoin is now live on Aave’s V3.

• GSR helps Upexi create a $100M SOL treasury strategy.

• Fantasy Top launches Clout with X-based points system.

• WazirX eyes comeback from $230M hack pending court ruling.

• Bithumb plans to spin off non-exchange division amid IPO push.

• Matrix Finance offers a $200M credit facility to Jihan Wu’s Bitdeer.

• Galaxy Digital swaps $106M ETH for SOL, as ether dominance drops.

• Lutnick's Cantor plans $3B bitcoin venture with SoftBank and Tether.

• USDC closes in on $61B as institutional demand outpaces USDT growth.

• Trump Media & Crypto(.)com to launch 'Made in America' crypto ETFs.

• Ethereum ETFs hit record-low AUM as outflows top $1.1B in seven weeks.

• SEC Chair Paul Atkins vows 'rational, coherent' approach to crypto regulation.

NOTEWORTHY READS & MEME

• Arthur Hayes’ read on ski cut.

• Fejau’s read on the trade after the trade.

• Yashas’ read on Ethereum’s path forward.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.