Bitcoin Standard Treasury Company (BSTR) Goes Public

Bitcoin Standard Treasury Company (BSTR) will go public with over 30,000 Bitcoin following a merger with Cantor Equity Partners I (CEPO), a SPAC linked to Cantor Fitzgerald.

BSTR will launch with more than $1.5 billion in PIPE financing and a balance sheet of 30,021 Bitcoin, valued at over $3.5 billion. The majority of the Bitcoin will be sourced from founding shareholders, including Bitcoin advocate and Blockstream Capital CEO Adam Back, who will assume the role of CEO. This news was first reported by Financial Times on Tuesday.

Adam Back stated, “Bitcoin was created as sound money, and BSTR is being created to bring that same integrity to modern capital markets.”

The financing strategy will include a mix of offerings to raise up to $1.5 billion: $400 million in common equity, up to $750 million in convertible notes, and $350 million in convertible preferred stock. The proceeds will be used to purchase Bitcoin and develop a range of Bitcoin-related capital market products and advisory services.

Brandon Lutnick, Chairman and CEO of Cantor Equity Partners I, expressed pride in partnering with Dr. Back, noting their commitment to launching BSTR.

Both BSTR and CEPO boards have approved the merger, anticipated to finalize in Q4. Once completed, BSTR will rank among the largest public Bitcoin treasury firms, behind Marathon Digital Holdings (MARA) and Michael Saylor’s Strategy.

As of now, CEPO shares have dipped nearly 9%, trading at $13.89. Bitcoin has seen a slight increase of 0.2% in the last 24 hours, priced at $118,704, about 3.6% below its recent all-time high of $122,838.