Adam Back-Backed BSTR to List on Nasdaq via SPAC
Bitcoin Standard Treasury Reserve (BSTR), co-founded by Blockstream’s Adam Back, plans to go public through a merger with Cantor Fitzgerald’s SPAC, Cantor Equity Partners I (CEPO). The deal, expected to close in Q4 2025, will rename CEPO to BSTR Holdings and list it on Nasdaq. BSTR brings on board 30,021 BTC (≈$3.5 billion) contributed by founding shareholders and PIPE investors, and is raising up to $1.5 billion via common equity, convertible notes, and preferred stock to acquire an additional 12,500 BTC. Under new US accounting rules allowing fair-value marking of digital assets, BSTR will measure success by Bitcoin per share rather than revenue or net income. Leadership additions include veteran investor Sean Bill as CIO. Beyond treasury accumulation, BSTR aims to build a full-stack Bitcoin-native capital markets platform—offering yield strategies, BTC-denominated lending, staking, and advisory services. Cantor Fitzgerald’s growing crypto ambitions extend to a $3.6 billion venture with Tether and SoftBank (“Twenty One Capital”), and overall crypto acquisitions may surpass $10 billion in 2025. BSTR will enter the market alongside major public Bitcoin holders—Strategy, Marathon Digital, Riot Platforms—and join a wave of firms using SPACs, PIPEs and equity offerings to expand crypto reserves.
Bullish
The BSTR SPAC listing signals growing institutional adoption of Bitcoin and structured exposure to the asset. By contributing over 30,000 BTC and raising up to $1.5 billion in fresh capital, BSTR will boost direct Bitcoin demand, enhancing market liquidity. New fair-value accounting removes balance-sheet barriers, encouraging similar ventures. Historically, major corporate Bitcoin accumulations—such as MicroStrategy’s purchases and the Grayscale conversion into ETFs—have driven positive price momentum. While SPAC dilution and funding risk could introduce short-term volatility, the long-term outlook is supportive as more regulated entities adopt Bitcoin reserves and capital-markets services. This development strengthens crypto’s mainstream legitimacy and underpins bullish sentiment in both spot and derivatives markets.