Bitcoin Standard Treasury To Go Public With 30,021 Bitcoin Through SPAC Merger

Bitcoin Standard Treasury Company (BSTR) has announced plans to go public through a merger with Cantor Equity Partners I, a special-purpose acquisition company (SPAC) sponsored by an affiliate of Cantor Fitzgerald. 

If completed, BSTR will hold 30,021 Bitcoin, which would position it as the fourth largest publicly listed Bitcoin treasury by holdings.

The proposed entity will be led by Dr. Adam Back, CEO and co-founder of Blockstream, and Sean Bill, an institutional investor known for his involvement in one of the earliest Bitcoin allocations by a U.S. public pension fund.

Brandon Lutnick, Chairman & CEO of Cantor Equity Partners I and Chairman of Cantor Fitzgerald, stated:

“As a long-time Bitcoin advocate, Cantor is incredibly proud to partner with Dr. Back, one of Bitcoin’s leading luminaries, to launch BSTR. This historic transaction marks another step towards the integration of the Bitcoin economy and traditional finance.”

The transaction includes up to $1.5 billion in private investment in public equity (PIPE) financing, which the company describes as the largest of its kind associated with a Bitcoin treasury SPAC. The financing structure includes:

• $400 million in common equity
• Up to $750 million in convertible notes
• Up to $350 million in convertible preferred stock
• 5,021 Bitcoin from in-kind PIPE contributions
• 25,000 Bitcoin from founding shareholders advised by Blockstream Capital
• Up to $200 million from CEPO, subject to redemptions

Dr. Back outlined the goals for the company:

“Bitcoin was created as sound money and BSTR is being created to bring that same integrity to modern capital markets… we are putting unprecedented firepower behind a single mission: maximizing Bitcoin ownership per share while accelerating real-world Bitcoin adoption. I’m grateful for the trust of the Bitcoin OG community and for the unwavering support of Cantor Fitzgerald.”

This development follows a July 15th report that Cantor Fitzgerald was in advanced discussions with Dr. Back regarding a $4 billion Bitcoin-focused SPAC deal. 

The new announcement confirms those details, including a contribution of up to 30,000 Bitcoin, valued at more than $3 billion, in exchange for equity in the newly named BSTR Holdings.

The merger is expected to close in the fourth quarter of 2025, pending shareholder and regulatory approvals. 

Proceeds from the transaction are intended to be used for further Bitcoin acquisitions and for the development of capital markets infrastructure oriented around Bitcoin.