Bitcoin Standard Treasury to Go Public via $1.5 Billion Cantor Fitzgerald SPAC Deal

Bitcoin Standard Treasury Company (BSTR) announced Thursday it will go public through a merger with Cantor Fitzgerald-backed SPAC Cantor Equity Partners I, in a deal featuring up to $1.5 billion in financing – the largest PIPE commitment ever announced for a Bitcoin treasury SPAC merger.

The transaction will see BSTR launch with 30,021 Bitcoin on its balance sheet, making it the fourth-largest public corporate Bitcoin treasury worldwide. The combined company is expected to trade on Nasdaq under the ticker "BSTR" following the deal's anticipated closure in Q4 2025.

The announcement comes amid a broader corporate Bitcoin adoption trend, with companies like Trump Media & Technology Group and others adding cryptocurrency to their balance sheets. Bitcoin has surged over 26% this year, recently crossing $120,000 for the first time.

Pioneering Leadership Team

BSTR will be led by Adam Back as CEO, the pioneering cryptographer who invented Hashcash, the proof-of-work algorithm referenced in Satoshi Nakamoto's Bitcoin white paper, and co-founded Blockstream. Chief investment officer Sean Bill brings institutional portfolio management expertise, having spearheaded one of the first Bitcoin allocations by a U.S. public pension fund.

"Bitcoin was created as sound money and BSTR is being created to bring that same integrity to modern capital markets," Back said in the announcement. "By securing both fiat and Bitcoin funding on day one, we are putting unprecedented firepower behind a single mission: maximizing Bitcoin ownership per share while accelerating real-world Bitcoin adoption."

The deal represents another major crypto move for Cantor Fitzgerald, which earlier this year backed a $3.6 billion venture with SoftBank Group and Tether to acquire Bitcoin. Brandon Lutnick, son of Commerce Secretary Howard Lutnick, serves as Chairman and CEO of Cantor Equity Partners I.

The transaction features several innovative financing elements:

• $1.5 billion in fiat-denominated PIPE financing , including $400 million in common equity and up to $750 million in convertible senior notes
• 5,021 Bitcoin in-kind PIPE from longtime Bitcoin community members—the first PIPE funded entirely through Bitcoin contributions
• 25,000 Bitcoin contribution from founding shareholders advised by Blockstream Capital Partners
• Up to $200 million from the SPAC itself, subject to shareholder redemptions

The aggregate PIPE commitment of up to $1.5 billion plus 5,021 Bitcoin nearly doubles the next-largest PIPE for a Bitcoin treasury SPAC merger at announcement, according to the company.

Net proceeds from the transaction will be used to acquire additional Bitcoin and develop Bitcoin-native capital markets products and advisory services. The company aims to bridge traditional finance with the Bitcoin ecosystem, leveraging Back's technical expertise and the team's institutional relationships.

"This historic transaction marks another step towards the integration of the Bitcoin economy and traditional finance," said Brandon Lutnick, chairman of Cantor Equity Partners I.

Following the Saylor Playbook

BSTR's strategy mirrors the successful Bitcoin treasury approach pioneered by Michael Saylor's Strategy, which has become the world's largest corporate Bitcoin holder with 601,550 units as of July 14. Strategy's market value surged following Trump's election victory and the subsequent crypto rally.

The timing aligns with increasingly favorable regulatory conditions for crypto companies. The House of Representatives recently passed the GENIUS Act, establishing a federal framework for stablecoins, while the Trump administration has signaled strong support for digital assets.

The deal requires approval from CEPO shareholders and other customary closing conditions. Both companies' boards have unanimously approved the business combination, with the transaction expected to close in the fourth quarter of 2025.