Adam Back’s Bitcoin Standard Treasury Company is on track to close its SPAC merger with Cantor Equity Partners I by the end of this month, creating what could become one of the largest publicly traded Bitcoin treasury vehicles on the planet.
The deal would see BSTR debut on public markets holding an initial 30,021 BTC. That’s enough to rank it as the fourth-largest public Bitcoin treasury at launch.
A billion-dollar bet with Bitcoin as collateral
The merger was first announced on July 17, 2025, with an ambitious financing structure that blends old-school Wall Street mechanics with something far more native to crypto.
BSTR has lined up plans for up to $1.5 billion in financing. The deal includes a landmark in-kind equity PIPE consisting of 5,021 BTC, valued at approximately $600 million. Investors aren’t just writing checks in dollars — they’re contributing actual Bitcoin directly into the company’s equity raise.
