Bitcoin Standard Treasury Company Poised to Make Public Debut with Historic Capital Infusion

Bitcoin Standard Treasury Company (BSTR) has entered into a definitive business combination agreement with Cantor Equity Partners I, Inc. (Nasdaq: CEPO), marking a watershed moment for Bitcoin’s integration into traditional capital markets. The transaction, anticipated to close in the fourth quarter of 2025, will position BSTR as one of the most capitalized Bitcoin treasury entities in the public markets.

Unprecedented Funding Package Reshapes Bitcoin Treasury Landscape

The financing framework assembled for BSTR represents a paradigm shift in how Bitcoin treasury ventures attract institutional capital. The combined package totals up to $1.5 billion in fiat-denominated funding alongside 5,021 Bitcoin in in-kind contributions, dwarfing previous Bitcoin treasury SPAC merger records.

The capital structure encompasses multiple innovative components:

• $400 million in common equity commitments, priced at $10.00 per share
• $500 million in convertible senior notes with an additional $250 million option, converting at $13.00 per share
• $30 million in convertible preferred stock with up to $320 million in additional capacity, marking the first preferred round in a Bitcoin treasury SPAC context
• 5,021 Bitcoin contributed through in-kind commitments from the Bitcoin community—a first for PIPE structures
• 25,000 Bitcoin from founding shareholders advised by Blockstream Capital Partners
• Up to $200 million in CEPO contributions contingent on shareholder redemptions

Building Scale: The 4th Largest Public Bitcoin Treasury

Upon closing, BSTR will launch with 30,021 Bitcoin on its balance sheet, establishing it as the fourth-largest corporate Bitcoin holder among publicly traded entities. This foundation provides immediate credibility and operational scale for the company’s stated mission: maximizing Bitcoin per share while advancing institutional adoption.

The founding shareholder contribution of 25,000 Bitcoin demonstrates confidence in the venture’s trajectory and provides a fortress-like balance sheet foundation from day one.

Leadership Bridging Cryptography and Finance

Dr. Adam Back assumes the Chief Executive Officer role, bringing decades of cryptographic innovation. As the inventor of Hashcash—the proof-of-work mechanism underlying Bitcoin’s consensus mechanism—Dr. Back’s technical pedigree is unmatched in the space. His co-founding role at Blockstream further solidifies his position as a bridge between Bitcoin protocol development and institutional finance.

Sean Bill joins as Chief Investment Officer, bringing hedge fund and fintech expertise honed through pioneering Bitcoin allocations within U.S. public pension systems. Together, the leadership pairing combines cryptographic expertise with portfolio management acumen.

“Bitcoin was created as sound money and BSTR is being created to bring that same integrity to modern capital markets,” Dr. Back stated. “By securing both fiat and Bitcoin funding on day one — including the first convertible preferred round announced in conjunction with a Bitcoin treasury SPAC merger — we are putting unprecedented firepower behind a single mission.”

Market Composition and Strategic Vision

The company intends to deploy capital toward acquiring additional Bitcoin while simultaneously developing Bitcoin-native capital markets products and advisory services. This dual mandate positions BSTR at the intersection of accumulation and financial innovation.

Cantor Fitzgerald’s involvement provides institutional credibility and capital markets infrastructure. Brandon Lutnick, Chairman & CEO of Cantor Equity Partners and Cantor Fitzgerald, emphasized the strategic significance: “This historic transaction marks another step towards the integration of the Bitcoin economy and traditional finance.”

Path to Public Markets

Following shareholder approval, BSTR is anticipated to trade under its own ticker symbol on a public exchange, offering direct exposure to Bitcoin ownership through a corporate treasury structure. The transaction includes customary closing conditions and SEC regulatory review processes, with detailed disclosures to be filed through Form S-4 registration statements and proxy documents.

The board of both entities has unanimously approved the combination, signaling unified support for the strategic vision.

Implications for Bitcoin Institutionalization

The scale of capital committed—approaching $1.5 billion in fiat plus Bitcoin-denominated contributions—reflects growing institutional confidence in Bitcoin’s role within diversified portfolios. The in-kind Bitcoin PIPE contributions from the community underscore grassroots support alongside traditional capital structures.

This transaction represents a significant inflection point in how Bitcoin treasury strategies are financed and scaled within regulated public markets frameworks.