Bitcoin Standard Treasury Readies SPAC Debut
Bitcoin Standard Treasury Company (BSTR) plans to go public via a merger with Cantor Equity Partners I (CEPO), a financial SPAC, securing backing from Bitcoin advocate Adam Back as CEO. The transaction, expected finalization in Q4, will establish one of the largest Bitcoin treasury-focused publicly traded companies.
Citing $30,001 in Bitcoin (worth approximately $3.5 billion) and concurrent PIPE financing, BSTR will commence operations significantly capitalized for expanding Bitcoin-adoption services. Shares of Cantor Equity Partners I dipped nearly 9% on news of the deal. Bitcoin trading near $118,704 showed a modest gain.
Adam Back, renowned Bitcoinian and Blockstream Capital chief, will pilot BSTR. According to a company statement, the enterprise aims to bring “integrity” to capital markets by backing “Bitcoin ownership per share while accelerating real-world Bitcoin adoption.”
The $1.5 billion financing structure includes common equity ($400M), convertible notes ($750M), and convertible preferred stock ($350M). Proceeds will fund Bitcoin purchases and the development of Bitcoin-native financial products.
Brandon Lutnick, Chairman and CEO of Cantor Equity Partners and son of U.S. Commerce Secretary Howard Lutnick, emphasized pride in partnering with Back. Lutnick’s firm previously took digital asset-focused Twenty-First Century Digital Treasuries (Twenty One) public but it is currently unrelated to BSTR. Both companies’ boards have approved the merger.
Upon completion, BSTR intends to rank among the top-tier publicly traded Bitcoin-focused entities, challenging leadership held by Marathon Digital Holdings and MicroStrategy.
