• BSTR will launch with over 30,000 BTC after a $5B merger with Cantor’s SPAC CEPO.
• Adam Back leads BSTR, aiming to build a Bitcoin-native financial services platform.
• BSTR could surpass 42,000 BTC holdings, ranking fourth among public Bitcoin-holding firms.

Bitcoin Standard Treasury (BSTR) is going public through a $5 billion merger with Cantor Equity Partners I (CEPO), a SPAC backed by Cantor Fitzgerald. The company will launch with over 30,021 BTC, worth more than $3.5 billion, on its balance sheet. This move makes BSTR one of the largest public holders of Bitcoin and marks a significant step in institutional Bitcoin adoption.

I am excited to be part of the launch of Bitcoin Standard Treasury Company, led by the incredible @adam3us and his team.

BSTR will merge with $CEPO to acquire ~30K Bitcoin on its balance sheet, which would make it the 4th largest public Bitcoin treasury.@Official_Cantor is…

— Brandon Lutnick (@Brandonlutnick) July 17, 2025

Adam Back will serve as CEO of BSTR. Known for creating Hashcash, he played a key role in influencing Bitcoin’s proof-of-work design. Sean Bill, an experienced institutional investor, will serve as Chief Investment Officer, guiding BSTR’s Bitcoin allocation strategy. He previously helped a U.S. pension fund become one of the early institutional investors in Bitcoin.

BSTR Eyes 42K BTC with $1.5B Funding Push

Bitcoin Standard Treasury aims to raise up to $1.5 billion through a private investment deal (PIPE). The funding would allow the company to purchase roughly 12,500 more BTC, boosting its total holdings to over 42,000. This would rank BSTR as the third-largest publicly traded Bitcoin holder, trailing only MicroStrategy (MSTR) and ahead of Marathon Digital holding (MARA).

Of the initial 30,021 BTC, 25,000 BTC will be provided directly by Adam Back. Early investors will contribute another 5,021 BTC. The funding includes $400 million in equity, $750 million in convertible notes, and $350 million in preferred stock. CEPO could also add up to $200 million, depending on shareholder redemptions.

BSTR is moving away from the conventional corporate treasury approach. Unlike Tesla or MicroStrategy (MSTR), it doesn’t plan to hold Bitcoin passively. The company intends to develop a comprehensive financial ecosystem centered on Bitcoin. Its services will encompass capital markets solutions, advisory services to sovereigns, and yield-generating BTC products.

Related: Cantor Fitzgerald Nears $4B SPAC Deal to Buy Bitcoin

The company is purely focused on Bitcoin and has no plans to diversify its investments to other digital assets. It has opted not to venture into other cryptocurrencies or into larger blockchain enterprises. Bitcoin Standard Treasury wants to use Bitcoin as the foundation of its business into all areas, making it the backbone of its business. 

Cantor Expands Boldly Into Bitcoin Finance

Cantor Equity Partners, which sponsors CEPO, is expanding further into digital assets. In May, it announced a $3.9 billion SPAC deal to launch 21 Capital. That firm, backed by Tether, Bitfinex, and SoftBank, plans to hold 42,000 BTC and give institutional investors access to Bitcoin.

Cantor previously raised $200 million earlier this year on a separate crypto venture. Alongside the firm is developing a Bitcoin lending tool investing an initial capital of $2 billion. It would allow users to add liquidity by borrowing against their Bitcoin assets.

Wall Street’s interest in Bitcoin infrastructure is clearly on the rise. Bitcoin Standard Treasury takes a different path compared to others in the space. It views Bitcoin not as a backup asset, but as the foundation of its entire business strategy.

BSTR will change the game by starting with large amounts of BTC in treasury and Bitcoin-native services. It reveals the transformation of Bitcoin as an asset to a functional basis. That is a transition of speculative holding to strategic usage.

The addition of Cantor Fitzgerald adds an institutional presence to the Bitcoin treasury sector. This isn’t just a typical SPAC backer—it’s a nearly 79-year-old Wall Street powerhouse known for connecting emerging assets with mainstream finance.

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