According to a filing with the U.S. Securities and Exchange Commission (SEC) on June 23, Cantor Equity Partners (CEPO) has released a Form 424B3 prospectus and proxy statement, marking a critical step forward in its business combination with Bitcoin Standard Treasury (BSTR), a bitcoin treasury company. CEPO is a special purpose acquisition company (SPAC) with ties to Wall Street institutions, and the merger aims to bring BSTR into the public market.
A shareholder meeting is scheduled for June 26, 2026, where CEPO shareholders will vote on the proposed combination. If approved, the combined company is expected to list on the Nasdaq Global Select Market under the ticker symbol BSTR. The transaction employs an Up-C structure, under which BSTR will contribute approximately 25,000 bitcoins in exchange for a majority stake in the new company. The Up-C structure allows BSTR‘s original shareholders to continue being taxed as a partnership, avoiding double taxation while benefiting from the liquidity of publicly traded shares.
BSTR is a company focused on holding bitcoin as its primary reserve asset, with a treasury of about 25,000 bitcoins. Through this merger, these bitcoins will be injected into the publicly listed entity, creating a publicly traded bitcoin treasury company. This will attract institutional investors who prefer indirect exposure to bitcoin through a traditional corporate structure.
If successful, the CEPO-BSTR merger would be a landmark case combining a SPAC with the crypto asset space. It demonstrates that despite market volatility, the trend of integrating digital assets into traditional capital markets through compliant channels continues, providing a reference model for other bitcoin holders seeking to securitize their holdings via public listing.