Bitcoin Standard Treasury Company has agreed to integrate with Cantor Equity Partners I (CEPO) in a SPAC transaction that reveals Bitcoin-centric financial vehicles on Nasdaq once the contract is closed.
The parties signed the business combination agreement dated July 16th, Today’s announcement.
BSTR is planning to launch with 30,021 Bitcoin (BTC) and up to $1.5 billion in FIAT pipe finance, with CEPO Trust contributing to approximately $200 million eligible for redemption.
The Finance Stack includes $400 million common stock committed at $10 per share, a convertible senior note up to $750 million, and a convertible preferred stock of up to $350 million, which is also converted with a common stock worth $13.
The company has also secured pipe funding within 5,021 BTC. This was offered by longtime Bitcoin participants at a stock reference price of $10.
Advised by Blockstream Capital Partners, the founding shareholder will donate 25,000 BTC on the same $10 reference.
BSTR said the total resources will be provided as of July 17th, the fourth largest publicly reported Corporate Bitcoin Treasury.
In particular, the announcement Check out the most recent reports Cantor Fitzgerald was in discussions to acquire approximately $3 billion in Bitcoin from Blockstream.
Veterans participate as executives
Adam Back will serve as CEO and Sean Bill will serve as Chief Investment Officer. Back is known for inventing Hashcash, a work proof system cited in Bitcoin White Paper, and co-founding Blockstream.
Bill has previously focused on advancing one of the earliest Bitcoin allocations through the US public pension scheme, integrating digital assets into the institution’s portfolio.
BSTR frames its mission as accumulating Bitcoin, generating Bitcoin yields, and Bitcoin measured in BTC per share advising companies and sovereigns on religious financial strategies.
Buck said in the announcement:
“By securing both Fiat and Bitcoin funding on the first day, including the first round of conversion priority announced alongside the Bitcoin Treasury space merger, we place unprecedented firepower behind a single mission: maximizing Bitcoin ownership while accelerating actual Bitcoin adoption.”
Brandon Lutnick, chairman of Cantor Equity Partners I, called the transaction “another step towards the integration of the Bitcoin economy and traditional finances.”
The merger was approved by both the BSTR and CEPO boards. The closure requires approval from CEPO shareholders and fulfillment of customary terms.
CEPO will submit additional information such as business combination agreements, pipe documents, and investor presentations in the upcoming Form S-4 registration statement, including current reports on Form 8-K and prospectus materials.
