3 hours ago
Bitcoin Standard Treasury Company has agreed to merge with Cantor Equity Partners I (CEPO) successful a SPAC transaction that volition instrumentality the Bitcoin-focused treasury conveyance nationalist connected Nasdaq nether the ticker BSTR erstwhile the woody is closed.
The parties signed the Business Combination Agreement dated July 16 and released the announcement today.
BSTR plans to motorboat with 30,021 Bitcoin (BTC) and up to $1.5 cardinal successful fiat PIPE financing, with the CEPO spot contributing up to astir $200 million, taxable to redemptions.
The financing stack includes $400 cardinal of communal equity committed astatine $10 per share, up to $750 cardinal of convertible elder notes convertible astatine $13, and up to $350 cardinal of convertible preferred banal besides convertible astatine a common‑stock equivalent of $13.
The institution besides secured 5,021 BTC in-kind PIPE funding, which long-time Bitcoin participants provided astatine a $10 stock notation price.
Founding shareholders advised by Blockstream Capital Partners volition lend 25,000 BTC astatine the aforesaid $10 reference.
BSTR stated that combined resources would springiness it the fourth-largest publically reported firm Bitcoin treasury arsenic of July 17.
Notably, the announcement confirms caller reports that Cantor Fitzgerald was successful talks to get astir $3 cardinal successful Bitcoin from Blockstream.
Veterans articulation arsenic executives
Adam Back volition service arsenic CEO, and Sean Bill arsenic main concern officer. Back is known for inventing Hashcash, the proof-of-work strategy cited successful the Bitcoin achromatic paper, and co-founding Blockstream.
Bill antecedently helped beforehand 1 of the earliest Bitcoin allocations by a US nationalist pension program and has focused connected integrating integer assets into organization portfolios.
BSTR frames its mandate arsenic accumulating Bitcoin, generating in‑kind Bitcoin yield, and advising corporates and sovereigns connected Bitcoin-denominated treasury strategies, measured successful BTC per share.
Back said successful the announcement:
“By securing some fiat and Bitcoin backing connected time 1 — including the archetypal convertible preferred circular announced successful conjunction with a Bitcoin treasury SPAC merger — we are putting unprecedented firepower down a azygous mission: maximizing Bitcoin ownership per stock portion accelerating real-world Bitcoin adoption.”
Cantor Equity Partners I president Brandon Lutnick called the transaction “another measurement towards the integration of the Bitcoin system and accepted finance.”
The merger was approved by the boards of some BSTR and CEPO. Closing volition necessitate support from CEPO shareholders and the fulfillment of customary conditions.
CEPO volition record further information, including the Business Combination Agreement, PIPE documentation, and an capitalist presentation, successful existent reports connected Form 8-K and a forthcoming Form S-4 registration statement, which volition incorporate the prospectus materials.
The station Bitcoin Standard to spell nationalist connected Nasdaq with 30,021 Bitcoin treasury pursuing Cantor merger appeared archetypal connected CryptoSlate.
English (US) 