The corporate crypto revolution just got its most formidable challenger yet. Bitcoin Standard Treasury Company is going public on Nasdaq through a blockbuster SPAC merger that will create the fourth-largest publicly traded Bitcoin treasury in the world, armed with over 30,000 Bitcoin and up to $1.5 billion in fresh capital to fuel an aggressive accumulation strategy.
The merger between Bitcoin Standard and Cantor Equity Partners I represents more than just another SPAC deal—it’s a crypto dream team assembling for what could be the most significant corporate crypto play since Strategy’s pioneering treasury strategy.
Leading the charge is Adam Back, the cryptographic legend who invented Hashcash, the proof-of-work system that inspired Bitcoin’s creation and earned him a citation in Satoshi Nakamoto’s original white paper. Back will serve as CEO alongside Chief Investment Officer Sean Bill, a veteran who helped orchestrate one of the first Bitcoin allocations by a U.S. public pension plan.
Massive Crypto Treasury
The company’s launch arsenal is impressive by any measure. Bitcoin Standard will debut with 30,021 Bitcoin, combining 25,000 BTC contributed by founding shareholders advised by Blockstream Capital Partners and an additional 5,021 BTC from in-kind PIPE funding provided by long-time Bitcoin participants. At current prices exceeding $120,000 per Bitcoin, this represents a treasury worth over $3.6 billion in digital assets alone.
The financial structure behind this launch is equally sophisticated. The deal includes $400 million of common equity committed at $10 per share, up to $750 million in convertible senior notes at $13, and up to $350 million in convertible preferred stock.
The timing couldn’t be more strategic. With Bitcoin gaining over 26% this year and recently vaulting past $120,000 for the first time, corporate treasury strategies are becoming mainstream. The announcement confirms recent reports that Cantor Fitzgerald was in talks to acquire approximately $3 billion in Bitcoin from Blockstream, signaling the traditional finance world’s growing appetite for digital assets.
Corporate Bitcoin Battlefield
Bitcoin Standard’s public debut sets up a fascinating competitive dynamic in the corporate Bitcoin space. While Strategy remains the undisputed king with 601,550 Bitcoin as of July 14, the new company’s focused mandate and substantial initial holdings position it as a serious challenger in the race for Bitcoin accumulation supremacy.
The company’s strategy goes beyond simple hoarding. Bitcoin Standard plans to generate in-kind Bitcoin yield and advise corporations and sovereigns on Bitcoin-denominated treasury strategies, with success measured in BTC per share rather than traditional fiat metrics.
The broader context makes this launch even more significant. Companies like Trump Media & Technology, founded by President Donald Trump, are now adding cryptocurrencies to their balance sheets amid favorable regulatory changes.
Cantor Equity Partners I chairman Brandon Lutnick, son of US Secretary of Commerce Howard Lutnick, called the transaction “another step towards the integration of the Bitcoin economy and traditional finance.”
The combined company will trade under the ticker “BSTR” upon deal closure, expected in the fourth quarter of 2025, marking another milestone in Bitcoin’s journey from digital curiosity to corporate necessity.
