Lutnicks’ Cantor Eyes a $25 Billion Fortune on Tether Fundraise

As it pitches Tether Holdings to investors, Cantor Fitzgerald LP faces the pressure any investment bank would feel trying to pull off a huge private deal at one of the highest valuations ever. And then there’s $25 billion.

That’s the potential value of Cantor’s stake if Tether achieves its lofty ambitions of raising roughly $15 billion at a $500 billion valuation, on par with Sam Altman’s OpenAI. More than a year ago, the New York investment bank paid more than $600 million for a convertible bond in Tether that entitles it to 5% equity, according to a person with ...