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BSTR, Cantor Equity Partners SI boards unanimously approved deal
ByAinvest
Thursday, Jul 17, 2025 9:09 am ET1min read
BSTR, Cantor Equity Partners SI boards unanimously approved deal
In a significant move for the cryptocurrency and traditional finance sectors, BSTR Holdings Inc. and Cantor Equity Partners I Inc. (CEPO) have announced a definitive agreement for a business combination. The boards of both companies have unanimously approved the deal, which will see BSTR go public through a merger with CEPO. The transaction is expected to close in the fourth quarter of 2025, subject to CEPO shareholder approval and other customary closing conditions.The merger will secure up to $1.5 billion in financing for BSTR, including $400 million in committed common equity, up to $750 million in convertible senior notes, and up to $350 million in convertible preferred stock. Additionally, the company will launch with a Bitcoin treasury of 30,021 Bitcoin, making it the fourth-largest public corporate Bitcoin treasury globally [1].
Dr. Adam Back, inventor of the Hashcash proof-of-work algorithm and co-founder of Blockstream, will serve as CEO of BSTR, while Sean Bill, who previously managed one of the first Bitcoin allocations by a U.S. public pension fund, will be chief investment officer. Together, they will lead the company in its mission to bring Bitcoin's integrity to modern capital markets [2].
The transaction includes 5,021 Bitcoin contributed through an in-kind private investment in public equity (PIPE) offering, plus 25,000 Bitcoin from founding shareholders. CEPO will contribute up to $200 million, subject to shareholder redemptions. The combined company will trade under the ticker "BSTR" [1].
Cantor Fitzgerald is serving as financial advisor to CEPO and sole placement agent for the PIPE offerings. The transaction requires regulatory approval and CEPO shareholder consent.
References:
[1] https://www.streetinsider.com/Corporate+News/BSTR+to+go+public+via+SPAC+merger+with+up+to+%241.5+billion+financing/25063522.html
[2] https://www.stocktitan.net/news/CEPO/bitcoin-standard-treasury-company-to-go-public-through-business-eynbqhyazv65.html
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