Bitcoin Standard to Go Public in Landmark SPAC Deal

Bitcoin Standard Treasury Company (BSTR), a new firm focused on holding and growing BTC as a core asset , is set to become a publicly traded firm. The company has recently announced it has formed a merger with Cantor Equity Partners I (CEPO), a special purpose acquisition company (SPAC). The SPAC deal was formally signed on July 16. Once the deal closes, the new company will trade on Nasdaq under the ticker symbol BSTR. BSTR aims to build one of the biggest company-owned Bitcoin treasuries in the world. A Public Debut Backed by Major Bitcoin Holdings The merger is accompanied by a robust and well-planned funding structure that provides BSTR with a solid foundation in the public markets. When it launches, BSTR plans to hold 30,021 Bitcoin and raise to $1.5 billion in fiat-based private investment in public equity (PIPE) financing. This funding is set to come through a mix of equity, convertible securities, and direct Bitcoin contributions. These contributions will be made by trusted backers and founding shareholders advised by Blockstream Capital Partners. Additionally, CEPO’s trust account may contribute up to $200 million, contingent upon shareholder redemptions. This combined funding and Bitcoin holdings will place BSTR among the top four largest public corporate Bitcoin treasuries. It will rank just ahead of Metaplanet. Pioneers to Lead BSTR’s Treasury Vision Adam Back, a key figure in BTC history and co-founder of Blockstream, will serve as Chief Executive Officer. Back is recognized for creating Hashcash, the proof-of-work system referenced in Satoshi Nakamoto’s Bitcoin white paper. Sean Bill, a veteran in institutional crypto investment, will also serve as Chief Investment Officer. He is known for supporting one of the first Bitcoin allocations by a U.S. public pension fund and has experience integrating digital assets into large portfolios. Together, Back and Bill will guide BSTR to build a Bitcoin-centric treasury company that does more than hold digital assets. The company’s strategy involves building up its BTC holdings and also earning returns in Bitcoin. It also plans to offer advice to companies and governments that want to manage their treasuries using Bitcoin as a unit of account. The company will measure performance in BTC per share, rather than focusing on traditional fiat terms. Traditional Finance Meets the BTC Economy The announcement confirms previous reports that Cantor Fitzgerald had been involved in discussions to acquire over $3 billion in Bitcoin from Blockstream . Furthermore, the merger has received approval from both the BSTR and CEPO boards. The merger has received approval from both the BSTR and CEPO boards. To be finalized, it must also gain approval from CEPO shareholders and meet other standard conditions. CEPO will soon file the necessary documents with the U.S. Securities and Exchange Commission. These documents will provide further details to investors and the public as the listing process continues. The post Bitcoin Standard to Go Public in Landmark SPAC Deal appeared first on TheCoinrise.com .

Source: The Coin Rise