A new player is entering the institutional Bitcoin space.

Cantor Fitzgerald, along with digital asset giants Tether, Bitfinex and global investor SoftBank is launching 21 Capital, a new Bitcoin-focused investment vehicle.

The firm will hold billions in bitcoin and hopes to offer a more structured and diversified alternative to Strategy’s aggressive bitcoin acquisition program.

The venture will receive $3 billion in bitcoin from its founding partners:

$1.5 billion from stablecoin issuer Tether

$900 million from tech investment giant SoftBank

$600 million from the Bitfinex exchange

All of this bitcoin will be converted into shares of 21 Capital at a…

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