Bitcoin Standard Treasury Company announced on Thursday its plan to go public through a merger with Cantor Equity Partners I, a special purpose acquisition company (SPAC) backed by Cantor Fitzgerald. The combined firm will be listed on the Nasdaq under the ticker symbol “BSTR” and is set to become the fourth-largest publicly listed bitcoin treasury, holding over 30,000 bitcoin on its balance sheet.
The deal is expected to close in the fourth quarter of 2025.
Key Details of Bitcoin Standard’s SPAC Merger
- Merging SPAC: Cantor Equity Partners I
- Cantor Backing: Chaired by Brandon Lutnick, son of U.S. Secretary of Commerce Howard Lutnick
- Expected Closing: Q4 2025
- New Ticker Symbol: BSTR (Nasdaq)
- Bitcoin Holdings: Over 30,000 BTC, making Bitcoin Standard the fourth-largest public bitcoin holder
Market Context: Growing Trend of Corporate Bitcoin Treasuries
Bitcoin Standard’s move mirrors a broader corporate trend where public companies are adopting Bitcoin as part of their treasury strategy.
- Largest Corporate Bitcoin Holder: Strategy, founded by Michael Saylor
- Holdings: 601,550 BTC as of July 14, 2025
- Market Influence: Strategy’s market value surged following Donald Trump’s 2024 U.S. presidential election victory, driving renewed interest in corporate bitcoin buying.
- Recent Trends:
- Bitcoin has gained over 26% year-to-date, surpassing $120,000 for the first time on Monday.
- Companies like Trump Media & Technology are also acquiring bitcoin amid rising adoption and regulatory support.
Cantor Fitzgerald’s Expanding Crypto Ambitions
This is Cantor Fitzgerald’s second major crypto-linked SPAC move in 2025:
- Earlier Deal: In partnership with SoftBank Group and Tether on a $3.6 billion crypto venture focused on bitcoin acquisition.
- Strategic Focus: Expanding institutional exposure to cryptocurrency and digital assets through SPAC vehicles.
Regulatory Outlook: U.S. Stablecoin Legislation Expected
The U.S. House of Representatives is anticipated to soon pass a bill that would establish a federal framework for stablecoins. This could further boost institutional confidence in crypto assets.
- Stablecoins: Cryptocurrencies pegged to maintain a constant value, typically 1:1 with the U.S. dollar.
- Impact: Likely to create a more stable regulatory environment for companies like Bitcoin Standard and other crypto-focused firms.
Conclusion
Bitcoin Standard’s Nasdaq listing via a Cantor-backed SPAC positions it as a major player in the corporate bitcoin treasury space. With over 30,000 BTC held, BSTR joins a growing list of public companies embracing digital assets as part of their long-term financial strategy.
The merger highlights the rising convergence of Wall Street institutions and crypto markets, as regulatory clarity and investor demand continue to evolve.
