Bitcoin Standard Treasury Co. (BSTR), led by cryptographer Adam Back, is preparing to go public through a SPAC merger with Cantor Equity Partners, positioning itself as a major corporate holder of bitcoin.
The deal combines a traditional $1.5 billion fiat PIPE with a bitcoin-denominated private placement, permitting investors to contribute BTC in-kind at closing.
Founders have committed 25,000 BTC and early investors will add 5,021 BTC, delivering an initial treasury of 30,021 BTC with plans to expand beyond 50,000 BTC.
This strategy aims to challenge MARA Holdings, which holds over 50,600 BTC, and sits behind Strategy’s 629,000 BTC among corporate treasuries.
BSTR intends to employ active treasury management techniques such as selling put options, using bitcoin-backed revolvers, and engaging regulated tri-party custodians to optimize liquidity and security.
Unlike passive holding strategies, Back emphasizes a focus on scale through a mix of capital markets tools, integrating bitcoin into convertible securities structures and strategic acquisitions within the ecosystem.
The company’s SPAC merger structure represents the first combination of fiat financing and bitcoin-denominated equity in a single transaction on Wall Street.
Management argues that a hybrid funding mechanism will appeal to both crypto-native investors and traditional asset managers seeking immediate bitcoin exposure.
Following the merger, BSTR will list under the ticker BSTR, with the closing anticipated in the fourth quarter of 2025, subject to customary regulatory approvals and shareholder consents.
Market analysts view this move as indicative of growing convergence between digital asset platforms and mainstream financial markets, potentially setting a template for future bitcoin-centric capital raises.
Institutional adoption metrics, including rising inflows into spot ETFs and corporate treasuries, suggest sustained demand for regulated bitcoin investment vehicles despite macroeconomic headwinds.
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