May, 16 2025, 04:06pm EDT
Report: Commerce Sec. Lutnick’s Family Business Dumped At Least $300M More Into Largest Corporate Bitcoin Holder As Lutnick Helped Establish Trump’s Strategic Bitcoin Reserve
An Accountable.US review of Q1 2025 SEC filings posted this week for Cantor Fitzgerald – billionaire Trump Commerce Secretary Howard Lutnick’s family-run financial services firm – reveals that while Lutnick was playing a leading role in President Trump’s national Bitcoin reserve effort, Lutnick’s family business empire dramatically deepened its investment in Microstrategy (now called Strategy), the largest corporate holder of Bitcoin in the world. From Q4 2024 to Q1 2025, Lutnick’s family-run Cantor Fitzgerald increased its holding of regular Strategy stock by $304 million, to a total of $1.3 billion, even amid being publicly criticized for the egregious conflict of interest. Including puts and calls, Accountable.US found Cantor boosted its total investment by over $568 million to over $2.1 billion, representing 44.5% of the firm’s portfolio.
“President Trump’s billionaire Commerce Secretary has been playing the ultimate Washington insider game to pad his family’s riches,” said Accountable.US Executive Director. “From the White House, Howard Lutnick has played a leading role in orchestrating Trump’s Bitcoin reserve policy at the same time his family company was pumping hundreds of millions of dollars into the biggest corporate Bitcoin holder in the game – pushing up their stake by at least $300 million. While both the Lutnick and Trump families seem to be self enriching from positions of power with their massive crypto interests, their bumbling tariff policies and harsh budget plans stand to leave millions of working people with less health and financial security.”
- In early March 2025, President Trump held the first White House Crypto Summit, where industry leaders discussed “regulations, stablecoins, and Bitcoin’s potential role in the financial system.”
- Ahead of the summit, Trump’s billionaire Commerce Secretary Howard Lutnick broke news by saying the summit would likely reveal a “unique status” for Bitcoin, the most popular cryptocurrency, in an unprecedented national crypto strategic reserve Trump announced days earlier. Then, the day before the summit, Trump signed an executive order establishing a “Strategic Bitcoin Reserve,” plus a separate “U.S. Digital Asset Stockpile” for other types of cryptocurrencies. Ahead of the policy announcement, critics called Trump’s crypto plans a “gift to the industry,” “open corruption,” and possibly a “blatant insider trading scam.”
- Lutnick, who was CEO of “titan” financial firm Cantor Fitzgerald, helped lead Trump’s crypto reserve and sovereign wealth fund, which was expected to invest in crypto. After his confirmation, Lutnick gave control of the business to his two 20-something-year-old sons—though insiders said his “grip on his various businesses is bolted tight” ahead of his confirmation, and expressed skepticism about his ability to truly relinquish control.
- In a new filing for Q1 2025, Cantor Fitzgerald revealed holding up to $2.1 billion in Microstrategy Inc. (now called Strategy), which has “the largest corporate Bitcoin holding in the world” and was seen as “‘a big beneficiary’” of Trump’s crypto reserve announcement, also made in Q1 2025. Ahead of Trump’s official announcement, Lutnick notably said the reserve would give Bitcoin a “unique status” over other cryptocurrencies.
- From Q4 2024 to Q1 2025, Cantor Fitzgerald increased its total holding in Strategy by over 1.9 million shares valued at over $568 million, to a total of over 7.4 million shares valued at over $2.1 billion. Excluding puts and calls, Cantor still bought over 1 million more shares valued at $304 million in Q1 2025.
- In Q1 2025, Strategy continued to be Cantor Fitzgerald’s largest holding, according to Fintel, with the company representing 44.5% of Cantor’s portfolio, including puts and calls.
- CNN previously reported Accountable.US research revealing Cantor Fitzgerald’s total investment of $1.5 billion in Strategy in Q4 2024.
- On March 7, 2025, the day after he established the Strategic Bitcoin Reserve, President Trump held a White House crypto summit—with Howard Lutnick and Strategy’s Executive Chairman Michael Saylor in attendance. Meanwhile, Cantor Fitzgerald’s holding in Strategy’s Class A shares soared by 20% from the day before Trump’s reserve announcement to the day Lutnick announced Bitcoin’s unique status in the fund.
- In Q1 2025, Cantor Fitzgerald also reported nearly $88 million in other Bitcoin-related investments, including over $86 million in iShares Bitcoin Trust ETF.
- In March 2025, after the Bitcoin strategic reserve announcement, Cantor Fitzgerald announced a new $2 billion Bitcoin financing partnership, with Cantor’s Head of Bitcoin Financing saying they “‘expect to substantially grow the operation over time.’” The move was seen as an expansion of Cantor’s bitcoin business “in the wake of Trump administration changes.”
Accountable.US has previously documented billions of dollars of interests Cantor Fitzgerald is involved in that could directly benefit from Lutnick’s role as Commerce Secretary – including urging a national television audience to “buy Tesla” stock in March while his family-run firm Cantor Fitzgerald reported holding nearly $840 million in Tesla Inc. in its most recent holdings report. Conveniently, Lutnick’s appeal to would-be average investors came on the same day Cantor Fitzgerald analysts upgraded Tesla to a “buy” rating.
Accountable.US is a nonpartisan watchdog that exposes corruption in public life and holds government officials and corporate special interests accountable by bringing their influence and misconduct to light. In doing so, we make way for policies that advance the interests of all Americans, not just the rich and powerful.
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Anthropic CEO 'Cannot in Good Conscience Accede' to Pentagon's AI Demand
"Anthropic and Dario deserve credit for standing up for two very basic and obvious principles: no mass surveillance and no autonomous killer robots," said one progressive commentator.
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Defense Secretary Pete Hegseth gave Anthropic until Friday evening to agree to let the Pentagon use the company's artificial intelligence technology however it wants, or else. Roughly 24 hours ahead of the deadline, CEO Dario Amodei announced that "we cannot in good conscience accede to their request," and reiterated opposition to enabling autonomous weapons or surveillance of US citizens.
Anthropic's Claude was the first AI model allowed to handle classified US military data. While the Department of Defense (DOD) has now signed an agreement with Elon Musk's xAI and "is getting close to making a deal with Google," as the New York Times reported Monday, Hegseth demanded "unfettered" access to Claude during a Tuesday meeting with Amodei.
Hegseth threatened to declare the Anthropic a "supply chain risk," effectively blacklisting it for military use and ending its current contract, or invoke the Defense Production Act, which would force Anthropic to tailor the product to the DOD’s needs, if Amodei refused to drop the company's guardrails.
The CEO responded publicly with a Thursday blog post. Using President Donald Trump's preferred name for the Pentagon, he wrote that "Anthropic understands that the Department of War, not private companies, makes military decisions. We have never raised objections to particular military operations nor attempted to limit use of our technology in an ad hoc manner."
"However, in a narrow set of cases, we believe AI can undermine, rather than defend, democratic values. Some uses are also simply outside the bounds of what today's technology can safely and reliably do," Amodei continued. He explained the company's position that "using these systems for mass domestic surveillance is incompatible with democratic values."
"AI-driven mass surveillance presents serious, novel risks to our fundamental liberties. To the extent that such surveillance is currently legal, this is only because the law has not yet caught up with the rapidly growing capabilities of AI," he wrote. "For example, under current law, the government can purchase detailed records of Americans' movements, web browsing, and associations from public sources without obtaining a warrant, a practice the Intelligence Community has acknowledged raises privacy concerns, and that has generated bipartisan opposition in Congress. Powerful AI makes it possible to assemble this scattered, individually innocuous data into a comprehensive picture of any person's life—automatically and at massive scale."
The CEO also argued that "frontier AI systems are simply not reliable enough to power fully autonomous weapons. We will not knowingly provide a product that puts America's warfighters and civilians at risk." He noted that Anthropic offered to work directly with the department on research and development to "improve the reliability of these systems, but they have not accepted this offer."
Amodei concluded by expressing hope that the Pentagon revises its position, writing that "our strong preference is to continue to serve the department and our warfighters—with our two requested safeguards in place. Should the department choose to offboard Anthropic, we will work to enable a smooth transition to another provider, avoiding any disruption to ongoing military planning, operations, or other critical missions."
Amodei's blog post followed CBS News reporting earlier Thursday that "Pentagon officials on Wednesday night sent Anthropic their best and final offer in negotiations for use of the company's artificial intelligence technology."
It also came just hours after Pentagon spokesperson Sean Parnell responded to a related post from a Google scientist on Musk's social media platform X. The DOD official claimed that "the Department of War has no interest in using AI to conduct mass surveillance of Americans (which is illegal) nor do we want to use AI to develop autonomous weapons that operate without human involvement. This narrative is fake and being peddled by leftists in the media."
"Here's what we're asking: Allow the Pentagon to use Anthropic's model for all lawful purposes. This is a simple, commonsense request that will prevent Anthropic from jeopardizing critical military operations and potentially putting our warfighters at risk. We will not let ANY company dictate the terms regarding how we make operational decisions," Parnell added, noting the Friday deadline and the threat to "terminate our partnership with Anthropic and deem them a supply chain risk."
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"Anthropic and Dario deserve credit for standing up for two very basic and obvious principles: no mass surveillance and no autonomous killer robots," said progressive commentator Krystal Ball. "Perhaps this is a low bar but it isn’t clear any of the other leading AI companies would put principle above profits in ANY scenario. The Pentagon is sure to make Anthropic pay for daring to defy them."
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President Donald Trump's "barrage of attacks on workers" continued on Thursday with announcements about two key labor rules.
The US Department of Labor (DOL) proposed an independent contractor rule that the National Employment Law Project (NELP) called "yet another example of the administration siding with major corporations and stacking the deck against working people" by "effectively allowing employers to strip workers of federal minimum wage and overtime protections."
The DOL's Wage and Hour Division proposal would replace the Biden administration's widely celebrated 2024 policy for when employers can treat workers as independent contractors under the Fair Labor Standards Act with business-friendly guidance that resembles a rule adopted just before the end of Trump's first term.
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NELP pointed to research showing that low-paid independent contractors "lag behind their employee counterparts," and some "do not even earn the federal minimum wage." The organization stressed that "this rule threatens to enshrine a two-tiered labor system where similarly situated workers receive vastly different rights and protections based on the classification chosen by the business employing them."
The new rule—which now faces a 60-day public comment period—focuses on two "core factors" to determine an employee's classification: the nature and degree of control over the work, and the worker's opportunity for profit or loss based on initiative or investment.
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During Trump's initial administration, the NLRB required joint employers to "possess and exercise substantial direct and immediate control" over at least one aspect of the workers' employment. In 2023, under former President Joe Biden, the board decided that two or more entities could be considered joint employers if they had an employment relationship with the workers and helped to determine their terms and conditions of employment. However, the latter was blocked by a Trump-appointed judge the next year.
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US Sen. Patty Murray (D-Wash.), a senior member and former chair of the Senate Health, Education, Labor, and Pensions Committee, declared in a Thursday statement that "every day, little by little, the Trump administration is rigging the system to benefit giant corporations and shortchange workers—it's an outright grift and working people should be furious."
"The joint employer rule is nothing more than a return to Trump's anti-worker policies that let giant corporations skirt their basic obligations to employees—Trump is giving the biggest corporations cover to deny workers their ability to band together for better wages and working conditions and leaving millions of workers in the lurch, vulnerable to egregious violations of their rights," she said.
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A new report from a major press freedom group has found that a record 129 journalists were killed in 2025, and that Israel was responsible for two-thirds of the worldwide total.
The Tuesday report from the Committee to Protect Journalists says that the Israeli military has cumulatively killed more journalists than any other government since CPJ started tracking reporter deaths in 1992, with the vast majority being Palestinian media workers in Gaza.
The report also finds an increase in the use of drones to attack journalists, with Israel accounting for more than 70% of the 39 documented instances of reporters killed by drone strikes.
The number of journalists killed by Israel is remarkably high even when compared to the number of journalists killed in other conflict zones.
Only nine journalists were killed in Sudan, for example, while just four journalists were killed in Ukraine, despite both countries being in the midst of brutal conflicts that have collectively killed hundreds of thousands of people.
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CPJ CEO Jodie Ginsberg said that attacks on the media are "a leading indicator of attacks on other freedoms, and much more needs to be done to prevent these killings and punish the perpetrators," adding that "we are all at risk when journalists are killed for reporting the news.”
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