Overview of the Merger
Bitcoin Standard Treasury Company (BSTR) has entered into a definitive agreement to go public through a merger with Cantor Equity Partners, a special-purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald. Upon closing, BSTR will start with 30,021 Bitcoin on its balance sheet, positioning it as the fourth-largest publicly traded Bitcoin treasury globally. The new entity will be led by Dr. Adam Back, CEO and co-founder of Blockstream, and Sean Bill, an institutional investor known for driving one of the first Bitcoin allocations by a U.S. public pension fund.
Record-Breaking PIPE Financing
The deal includes up to $1.5 billion in Private Investment in Public Equity (PIPE) financing—the largest ever announced in conjunction with a Bitcoin treasury SPAC merger. It comprises: $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; and up to $200 million from CEPO, subject to redemptions. Notably, the convertible preferred round is the first of its kind in a Bitcoin treasury SPAC merger, providing additional capital flexibility.
Leadership and Vision
Brandon Lutnick, Chairman & CEO of Cantor Equity Partners I, Inc. and Chairman of Cantor Fitzgerald, L.P., 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." Dr. Adam Back commented: "Bitcoin was created as sound money and BSTR is being created to bring that same integrity to modern capital markets. By securing both fiat and Bitcoin funding on day one—including the first convertible preferred round announced in conjunction with a Bitcoin treasury SPAC merger—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."
Timeline and Next Steps
The announcement aligns with a July 15 report that Cantor Fitzgerald was nearing a $4 billion deal with Adam Back. Today’s announcement confirms those details, with Back contributing up to 30,000 Bitcoin—valued at over $3 billion—in exchange for equity in the newly renamed BSTR Holdings. The transaction is expected to close in Q4 2025, pending shareholder and regulatory approval. Proceeds will be used to acquire additional Bitcoin and build Bitcoin-native capital markets and advisory solutions.