Overview

• Boards of directors for Bitcoin Standard Treasury and Cantor Equity Partners I have approved a definitive SPAC merger that is expected to close in the fourth quarter of 2025.
• The $1.5 billion PIPE financing is structured with $400 million of common equity, up to $750 million in convertible notes and up to $350 million of convertible preferred stock.
• Upon listing, the combined company will trade under the ticker BSTR and launch with 30,021 bitcoins valued at more than $3.5 billion.
• Adam Back, inventor of Hashcash and co-founder of Blockstream, will serve as chief executive officer of the newly public treasury vehicle.
• The deal highlights a growing trend of institutional bitcoin adoption through SPAC mergers following recent billion-dollar treasury raises by Twenty One Capital and ProCap Financial.