Report: The son of the US Secretary of Commerce is close to reaching a $4 billion SPAC deal with a pioneer in Bitcoin.

According to sources cited by the Financial Times, Brandon Luthringer, son of US Commerce Secretary Howard Lutnick, is close to reaching a deal to purchase billions of dollars' worth of Bitcoin using a company with Cantor Fitzgerald background. Cantor Equity Partners 1 is in the final stages of negotiations with Adam Back, founder of cryptocurrency trading group Blockstream Capital, to purchase over $3 billion worth of Bitcoin. The agreement could be reached as early as this week.