Cryptocurrency enterprise Bitcoin Standard is set for a public listing through a merger with a special purpose acquisition company (SPAC) backed by Cantor.
In a significant move for the cryptocurrency market, Bitcoin Standard Treasury Company (BSTR) has announced a merger agreement with Cantor Equity Partners I (CEPO), a special purpose acquisition company (SPAC) backed by financial powerhouse Cantor Fitzgerald. The deal, expected to close in the fourth quarter of 2025, will see BSTR listed on the Nasdaq under the ticker symbol "BSTR."
Upon going public, BSTR will debut as a public company with over 30,000 Bitcoins on its balance sheet, valued at approximately $3.5 billion. This will position the company as the fourth-largest publicly listed Bitcoin treasury.
The transaction involves significant financing, with up to $1.5 billion raised through private investment in public equity (PIPE). This financing structure includes $400 million in equity offering, $750 million in convertible notes, and $350 million in preferred stock, with CEPO contributing up to $200 million subject to shareholder redemptions.
The new entity formed after the merger will be called Twenty One Capital and will be majority-owned by SPAC shareholders, reflecting a strategic partnership designed to accelerate BSTR’s growth in the Bitcoin market.
Leadership will feature prominent Bitcoin advocates, including Adam Back as CEO, known for creating Hashcash which inspired Bitcoin's proof-of-work, and Sean Bill as Chief Investment Officer, bringing institutional investment expertise.
This merger aligns with the increasing institutional adoption of Bitcoin and signals a shift toward its integration as a corporate treasury asset. BSTR, with its substantial holding of Bitcoin, is poised to play a significant role in this evolution.
The merger is supported by a venture between Cantor Fitzgerald, Tether, and Softbank, a $3.6 billion crypto venture that aims to buy bitcoin. The merger with BSTR marks a strategic move in this endeavour.
As the deal progresses, BSTR is set to join the ranks of major public Bitcoin holders, further solidifying its position in the cryptocurrency market. The closing of the deal is scheduled for a future date in the fourth quarter of 2025.
In the development of this strategic partnership, Twenty One Capital, the new entity formed after the BSTR-CEPO merger, will seek to leverage technology to enhance its operations and growth in the Bitcoin market. With the integration of Bitcoin as a corporate treasury asset becoming more prevalent, BSTR's substantial holding of Bitcoin, accompanied by significant financing through private investment in public equity (PIPE), positions the company to leverage technology in this transformation.
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