Bitcoin Standard Treasury Company will soon trade on the Nasdaq stock exchange after merging with a special acquisition company (SPAC) backed by financial giant Cantor Fitzgerald. The deal, expected to finalize by late 2025, will list the new company as “BSTR” with a massive starting stash of 30,021 bitcoin instantly making it the fourth-largest public bitcoin treasury worldwide.
This marks Cantor Fitzgerald’s second major crypto move in 2024, following a $3.6 billion bitcoin venture with SoftBank and Tether earlier this year . The transaction highlights Wall Street’s accelerating embrace of cryptocurrency as a corporate asset.
The merger includes a record $1.5 billion private investment package, the largest ever for a bitcoin-focused SPAC deal.
Funding breaks down into $400 million in common stock, $750 million in convertible notes, and $350 million in preferred shares, plus 5,021 bitcoin contributed by longtime bitcoin investors.
Founding shareholders advised by Blockstream Capital add another 25,000 bitcoin. Leading the new company are crypto pioneers: Dr. Adam Back (Blockstream CEO and inventor of Bitcoin’s proof-of-work system) as CEO, and institutional investment expert Sean Bill as Chief Investment Officer.
The launch comes during a historic bitcoin rally, with prices surging 26% in 2024 to break $120,000 for the first time Monday.
Corporations like Trump Media and MicroStrategy now treat cryptocurrency as treasury reserves, driven by favorable regulations and inflation concerns. “Crypto treasury strategies are a hot topic,” confirmed Michael Ashley Schulman of Running Point Capital, noting family offices’ growing interest. Political support is also strengthening, with the U.S. House preparing a bipartisan stablecoin regulation bill.
After listing, BSTR will use its funds to buy more bitcoin and develop financial products for businesses adopting bitcoin treasuries.
Brandon Lutnick, Chairman of Cantor Fitzgerald, called the deal a “historic step” bridging traditional finance with bitcoin’s economy.
While SPACs face investor skepticism over valuations, BSTR’s unmatched starting bitcoin reserves and leadership credentials position it uniquely.
The company aims to “maximize bitcoin per share” while advising corporations and governments on bitcoin strategies, accelerating a trend that’s seeing billions flood into crypto treasuries monthly.
Bitcoin, Nasdaq, cryptocurrency, SPAC, treasury, Bitcoin Standard, SPAC merger, Nasdaq listing, Cantor Fitzgerald, Adam Back, bitcoin treasury, institutional bitcoin, BSTR stock, Blockstream, public offering
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