Adam Back's BSTR To Go Public With 30,000 Bitcoin Treasury

An official statement has confirmed a business combination between Adam Back’s Bitcoin Standard Treasury Company (BSTR) and Cantor Equity Partners 1. BSTR is eyeing a public listing that will place it as the fourth-largest Bitcoin treasury company amid plans to “maximize Bitcoin ownership per share.”

Adam Back To Lead BSTR’s Bitcoin Push

According to a press release, BSTR has entered into an agreement with Cantor Equity Partners 1 to go public. The agreement between Adam Back and the Cantor Fitzgerald-sponsored SPAC will see the incoming publicly listed company become the fourth-largest Bitcoin treasury company with 30,021 BTC on its balance sheet.

Founding shareholders and “longtime Bitcoin OGs” contributed the initial 30,021 BTC priced at $10.00 per share. Apart from its initial haul of 30,021 BTC, BSTR will raise an additional $1.5 billion in fiat-denominated financing, making it one of the largest PIPEs.

CoinGape had earlier reported that Cantor Fitzgerald was teaming up with Adam Back in a $4 billion deal to buy Bitcoin. Armed with the capital raise, the company has its sights on increasing its Bitcoin holdings and generating in-kind Bitcoin yield.

“We are putting unprecedented firepower behind a single mission: Maximizing Bitcoin ownership per share while accelerating real-world Bitcoin adoption,” said Adam Back.

According to the statement, Adam Back will spearhead BSTR as CEO, while Sean Bill will take on the role of Chief Investment Officer. Parties say the transaction will close in the fourth quarter of 2025, subject to shareholder approval and other ancillary closing conditions.

Brandon Lutnick, Chairman of Cantor Fitzgerald, also commented on the BSTR deal. In an X post, he stated that he is excited to be part of the company’s launch. Lutnick added that Cantor is embracing the power of Bitcoin and that the treasury company is a perfect example of that.

BTC Treasury Companies Continue To Accumulate

Apart from BSTR’s record-breaking capital raise, Bitcoin treasury companies are setting new standards of their own. Last week, the 35 companies accumulated 4,702 BTC, the most participation ever recorded in a single week.

Adam Back’s BSTR raise could tee up another record-breaking week for the cohort of Bitcoin treasury companies. On Monday, Strategy crossed 600K BTC holdings with a $472 million purchase after a brief pause in its buying streak. Metaplanet also increased its holdings with an additional 797 BTC.

Interestingly, Metaplanet has some catching up to do now as Adam Back’s company will surpass the Japanese company with the proposed 30,012 BTC on its balance sheet. The Bitcoin Standard Treasury will rank only behind Strategy, MARA, and Twenty-One Capital.