Adam Back’s BSTR To Go Public With 30,000 Bitcoin Treasury

Barely two days after the speculation of a merger, an official statement has confirmed a business combination between Adam Back’s Bitcoin Standard Treasury Company (BSTR) and Cantor Equity Partners 1. BSTR is eyeing a public listing that will place it as the fourth-largest Bitcoin treasury company amid plans to “maximize Bitcoin ownership per share.”

Adam Back To Lead BSTR’s Bitcoin Push

According to a press release, BSTR has entered into an agreement with Cantor Equity Partners 1 to go public. The merger with BSTR and the Cantor Fitzgerald-sponsored SPAC will see the incoming publicly listed company become the fourth-largest Bitcoin treasury company with 30,021 BTC on its balance sheet.

Founding shareholders contributed the initial 30,021 BTC priced at $10.00 per share. Apart from its initial haul of 30,021 BTC, BSTR will raise an additional $1.5 billion in fiat-denominated financing, making it one of the largest PIPEs.

Per the statement, Adam Back will spearhead BSTR as CEO while Sean Bill will take on the role of Chief Investment Officer.

This is a developing story

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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