Cantor Fitzgerald

Cantor Fitzgerald served as sole book-running manager for Sizzle Acquisition Corp's $155 million IPO in November 2021 ⁴. Sizzle subsequently merged with European Lithium Ltd to form Critical Metals Corp (CRML), which listed on Nasdaq in February 2024 ¹². At the merger closing, Cantor received 1,247,250 CRML ordinary shares as compensation: 1,200,000 shares from the conversion of its $5.7 million deferred underwriting fee at an effective cost of $6.79 per share, plus 47,250 additional shares ⁵¹³. Cantor was named as a Selling Securityholder in CRML's prospectus covering 100.3 million shares ¹⁴.

SEC filings indicate that Cantor sold 1,086,122 of its 1,247,250 CRML shares — an 87% reduction — within months of lock-up expiry, reducing the position's value from an estimated $8.5-17 million range to approximately $224,000 ⁶. Analysis of the registration infrastructure indicates CRML filed four F-3 shelf registrations and 23 424B3 prospectus supplements since December 2023, establishing the framework for serial share issuance ¹⁵. Analysis of SEC filings indicates that Cantor's shares, acquired at $6.79 effective cost, were registered for resale under this same prospectus infrastructure ¹⁶.

Cantor is not the placement agent for CRML's subsequent PIPE financings, which are handled by Jett Capital Advisors and Cohen & Company ¹⁷. However, the USA Rare Earth transaction creates a broader pattern: Cantor served as lead placement agent for USA Rare Earth's $1.5 billion PIPE, which proceeded alongside a $1.6 billion Commerce Department letter of interest under the CHIPS Act ⁷¹⁸. Senators Warren, Van Hollen, and Wyden pressed Lutnick on potential conflicts in a February 2026 letter ¹⁹. Analysis of Cantor's combined positions in CRML and USA Rare Earth indicates that the Commerce Secretary's former firm held direct financial stakes in assets whose value is affected by trade, tariff, and critical minerals policy set by his department ²⁰. The US EXIM Bank separately issued a $120 million letter of interest for CRML's Tanbreez rare earth project in Greenland ²¹.

Cantor Fitzgerald manages the majority of Tether's reserves — over $80 billion in U.S. Treasuries — and holds a 5% equity stake in the stablecoin issuer, a position valued at approximately $600 million when negotiated in November 2024 ³. The firm also serves as reserve custodian for Tether's GENIUS Act-compliant USAT stablecoin ³. Brandon Lutnick used Cantor Equity Partners, a Cantor-sponsored SPAC, to launch Twenty One Capital, a Bitcoin acquisition vehicle formed with Tether and SoftBank Group ³²². SoftBank contributed $900 million in Bitcoin initially and subsequently purchased an additional $780 million in shares ³.

The Cantor-Tether relationship creates multiple revenue streams: custody fees on Treasury reserves, equity appreciation from the 5% stake, and SPAC sponsor economics from Twenty One Capital ³. Both Cantor and Tether maintain separate lobbying operations on overlapping financial services issues, with Cantor engaging Checkmate Government Relations in January 2026 at $80,000 per quarter while Tether's own lobbying through FTI Government Affairs, Continental Strategy, and DMM Consulting has exceeded $1.5 million since 2022 ⁹²³. This dual lobbying structure operates while Howard Lutnick serves as Commerce Secretary ²⁴.

LDA filings show Cantor Fitzgerald hired ML Strategies LLC (Mintz) in Q1 2020 to lobby Commerce, the White House, the Office of the Vice President, State, and Treasury on international economic and judicial issues, with confirmed payments of $300,000 across Q2-Q4 2020 ⁸. The registered lobbyist was Frank Guinta, a former member of Congress from New Hampshire's 1st District ⁸. This lobbying relationship with the Commerce Department predates Howard Lutnick's appointment as Commerce Secretary by five years ⁸. Historical LDA records show additional lobbying campaigns by Cantor and Cantor Futures Exchange during the Dodd-Frank era (2009-2011) on OTC derivatives regulation, and post-9/11 lobbying through Ernst & Young and Morgan Lewis on tax issues (2001-2002) and through Dickstein Shapiro on homeland security matters (2004-2005) ²⁵²³.

In January 2026 — eleven months into Lutnick's cabinet tenure — Cantor registered a new lobbying relationship with Checkmate Government Relations covering financial institutions, investments, securities, and fuel/gas/oil issues at $80,000 per quarter ⁹. Press reports and congressional correspondence describe Cantor marketing tariff-refund rights to counterparties at 20-30 cents on the dollar, with an internal salesman's email claiming the firm had "already put a trade through representing about ~$10 million" ²⁶. A Cantor spokesperson stated that reports of the firm crafting financial products betting on tariff outcomes were "absolutely false," but Bloomberg reported internal discussions about facilitating tariff trades for hedge funds before the effort was shut down, and a spokesman acknowledged that a salesman "erroneously" believed the firm would approve the business ²⁷.

Senators Wyden and Warren sent a letter to Brandon Lutnick on August 13, 2025, demanding information about how many tariff-refund agreements Cantor had drafted, whether the product was internally originated, and whether anyone at the firm communicated with administration officials about tariffs ²⁸. The letter characterized the situation as raising "obvious conflict-of-interest and insider dealing concerns" ²⁸. No public evidence of a formal SEC or DOJ investigation has emerged ²⁸.

An FBI FD-302 interview summary states that Cantor Fitzgerald's annual charity days in New York and London raised approximately $9 million to $10 million each year, and that a whistleblower viewed the near-identical annual totals as suspicious ²⁹. The same interview states that Parabridge International Services, a Cantor affiliate, handled all UK charity-day funds and associated wire transfers, in addition to payroll ²⁹. The interview subject noted that if Cantor were "stealing entire global revenues for the charity day, brokers couldn't earn their commission," and that the trading day would shift if the publicized day was not performing well ¹⁰.

The same FD-302 places Sarah Ferguson (Duchess of York) in office space above Cantor Fitzgerald for her Children in Crisis charity (UK charity 1020488, founded 1993), and states that Ghislaine Maxwell and Ferguson attended La Dolce Vita fundraising events benefiting Children in Crisis and Stowe School ²⁹. Cross-reference of these records traces a fund-flow chain from Cantor charity-day proceeds through Parabridge wire transfers to UK charities and fundraising events co-attended by Maxwell, though the full path and any diversion of funds remain unverified ¹¹.

Cross-reference of New York DOS, SEC EDGAR, and GLEIF records indicates at least 26 Cantor Fitzgerald entities registered in New York, spanning partnerships, broker-dealers, charities, and investment vehicles ². Active entities include Cantor Fitzgerald LP (Delaware limited partnership, DOS ID 1681035, filed 1992), Cantor Fitzgerald II LLC (Delaware LLC, DOS ID 1952565, filed 1995), The Cantor Fitzgerald Foundation (nonprofit, DOS ID 781261, filed 1982), and The Cantor Fitzgerald Relief Fund (Delaware nonprofit, DOS ID 2694253, filed October 30, 2001 — one month after September 11) ². EDGAR records show ten registered Cantor entities including CIK 1024896 (Cantor Fitzgerald LP) and CIK 1127534 (Cantor Fitzgerald & Co, broker-dealer SIC:6211) ².

GLEIF records identify ten Cantor Fitzgerald fund entities domiciled in Dublin, Ireland through Cantor Fitzgerald Asset Management Europe Limited at 23 Saint Stephen's Green, Dublin ². Cantor Fitzgerald LP is the controlling entity of BGC Group Inc (Nasdaq: BGC, CIK 1094831), with CF Group Management Inc serving as managing general partner ². The CFGM voting shares were transferred from Howard Lutnick to trusts controlled by Brandon Lutnick for $200,000 in connection with Lutnick's confirmation as Commerce Secretary ¹.