Bitcoin Standard Treasury Company

Bitcoin Standard Treasury Company (BSTR), led by renowned cryptographer Adam Back, is preparing for a public debut through a merger with Cantor Equity Partners I (CEPO), a SPAC chaired by Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick. CEPO, sponsored by Cantor Fitzgerald, raised approximately US $200 million in its January IPO. Under the agreement, Back, along with Blockstream Capital, will contribute over 30,000 BTC—valued at more than US $3 billion—into the SPAC in exchange for shares in the newly formed BSTR Holdings .

The merger will position BSTR as the fourth‑largest publicly traded bitcoin treasury, launching with approximately 30,021 BTC on its balance sheet and raising up to US $1.5 billion in PIPE financing. This PIPE tranche is structured to include US $400 million in common equity, up to US $750 million in convertible notes, US $350 million in preferred stock, and 5,021 BTC in-kind contributions, while CEPO’s trust may contribute up to US $200 million more .

Upon closing, expected in Q4 2025, the combined entity will list on Nasdaq under the ticker BSTR . The SPAC route offers a streamlined path to public markets, enabling BSTR to maximize bitcoin ownership per share without the delays associated with a traditional IPO .

Leadership of BSTR will be anchored by Adam Back as CEO—widely credited with inventing Hashcash, which influenced Bitcoin’s proof‑of‑work—and Sean Bill as CIO, an investor known for steering a major U.S. pension fund toward its first bitcoin allocation .

This strategic SPAC alliance follows Cantor Fitzgerald’s earlier foray into crypto via a US $3.6 billion SPAC partnership with SoftBank and Tether aimed at bitcoin acquisition. Combined with BSTR, Cantor’s crypto holdings could surpass US $10 billion this year, positioning it as a powerhouse in institutional bitcoin accumulation .

In summary, Bitcoin Standard Treasury Company is set to emerge as a pure‑play bitcoin treasury firm with a formidable leadership team, deep institutional backing, and a balance sheet rich in bitcoin. The Q4 2025 listing marks a significant milestone in the evolving fusion of traditional finance with digital‑asset strategies.