Cantor Fitzgerald is reportedly planning a $3 billion crypto venture with backing from SoftBank, Bitfinex and Tether. The strategy is to make the most out of the forthcoming crypto-friendly administration market boom. It reflects the successful and predictable bait-and-switch strategies used by ToadiesToBigTech™ like Michael Saylor. Rumors of this new plan began circulating on April 23, as three people with knowledge of the plan confirmed to Politico.

Coinbase competitor Galaxy Digital is partnering with financial services firm E.Cantor Fitzgerald’s $2 billion in initial capital is expected to allow institutional investors to collateralize loans against their crypto. The new joint venture plans to raise $350 million by selling convertible bonds. On top of that, it intends to raise another $200 million via private equity placement. It adds that of the funds raised, approximately $46 million will be used to purchase additional Bitcoin.

For those unfamiliar, this level of engagement by Cantor Fitzgerald with the crypto space is not new. The firm has handled Tether’s Treasury portfolio in the past. CEO Howard Lutnick has publicly backed Tether and Bitcoin.

Before this new move, Cantor Fitzgerald saw its own leadership shakeup. Industry exec Howard Lutnick announced his own resignation from CEO soon after, with Brandon Lutnick being named chair in his place. Howard Lutnick would soon afterward become the US Secretary of Commerce. Cantor Fitzgerald currently has more than $5 billion in assets under management in 275 separate holdings.

Cantor Fitzgerald, SoftBank, Tether, Bitfinex reached out for comment, but did not respond immediately.