- BSTR to become the fourth largest public Bitcoin treasury with the merger with Cantor Equity Partners I, Inc. (CEPO, Financial).
- Record-setting PIPE financing announced for the Bitcoin Treasury SPAC merger, totaling up to $1.5 billion.
- Dr. Adam Back to lead BSTR with a strong focus on integrating Bitcoin into traditional capital markets.
Bitcoin Standard Treasury Company (BSTR) is set to make waves in the cryptocurrency and financial sectors through a definitive business combination agreement with Cantor Equity Partners I, Inc. (CEPO), a special-purpose acquisition company. This merger will position BSTR as a major player, with BSTR expected to have the fourth largest public Bitcoin treasury at its launch, backed by 30,021 Bitcoin.
The transaction, upon completion, is anticipated to provide BSTR with record-setting PIPE (Private Investment in Public Equity) financing of up to $1.5 billion — the largest ever announced in conjunction with a Bitcoin treasury SPAC merger. This includes $400 million of common equity and up to $750 million in convertible senior notes, alongside significant contributions in Bitcoin from founding shareholders and the Bitcoin community, all setting a robust financial foundation for the new entity.
Dr. Adam Back, a prominent figure in the cryptography world known for inventing the Hashcash algorithm, will lead BSTR as CEO. Sean Bill, with substantial experience in financial technology and hedge fund investments, will assume the role of Chief Investment Officer. Their leadership promises to bridge traditional financial institutions and the burgeoning Bitcoin economy.
The merger with CEPO, a Nasdaq-listed company, aims to close by the end of the fourth quarter of 2025, pending CEPO shareholder approval and other customary closing conditions. This business combination, viewed as a transformative step for both Bitcoin integration into modern finance and capital market development, underscores the growing institutional interest and confidence in cryptocurrency as a treasury asset.
