Not long after President Trump established a strategic bitcoin reserve and pledged to make the U.S. the “crypto capital of the world”, a new corporate bitcoin entity, backed by the investment firm his commerce secretary built,

Cantor Fitzgerald is set to launch a $3 billion Bitcoin investment initiative in collaboration with SoftBank, Tether, and Bitfinex, according to a report by the Financial Times.

Cantor Fitzgerald, the financial services firm formerly led by U.S. commerce secretary Howard Lutnick, is the latest company to enter into the Bitcoin acquisition business. The company, which is now chaired by Lutnick’s son Brandon Lutnick,