The financial services company has managed the Treasury portfolio for stablecoin issuer Tether since 2021.
The head of the financial services firm behind the custody of Tether’s reserves and launching a Bitcoin lending program will lead Republican nominee Donald Trump’s presidential transition team.
In an Aug. 16 statement, Trump’s campaign said Cantor Fitzgerald CEO Howard Lutnick and World Wrestling Entertainment co-founder Linda McMahon would lead the team responsible for organizing policies and managing staff if the Republican nominee wins the US Presidency in November. With a net worth in the billions of dollars, both Lutnick and McMahon have been significant donors to Trump’s campaign.
Cantor Fitzgerald has managed the Treasury portfolio for stablecoin issuer Tether since 2021. An Aug. 14 Securities and Exchange Commission filing showed the firm held more than $18 million worth of shares of BlackRock’s iShares Bitcoin Trust exchange-traded fund (ETF), roughly $4 million of shares in the Fidelity Wise Bitcoin Fund ETF, $1 million in shares of Proshares’ Bitcoin Strategy ETF, and $360,000 of Ark21Shares Bitcoin ETF.
