Bitcoin Standard Treasury Company, owned by early BTC contributor Adam Black, has announced it is going public, with more than 30,000 Bitcoins on its balance sheet. Blockstream Capital revealed earlier this week a special purpose acquisition company (SPAC) merger with a Cantor Fitzgerald-backed investment vehicle to purchase billions of dollars in Bitcoin.
The deal will include a purchase of $30,021 Bitcoin’s amounting to roughly $3.5 billion. Back’s company is also expected to be among the top four largest public Bitcoin treasury companies. The Financial Times reported that the Board of Directors from both companies approved the merger, which is expected to finalize in the fourth quarter of 2025.
BSTR plans to expand its BTC acquisition strategy
I am excited to be part of the launch of Bitcoin Standard Treasury Company, led by the incredible @adam3us and his team.
BSTR will merge with $CEPO to acquire ~30K Bitcoin on its balance sheet, which would make it the 4th largest public Bitcoin treasury.@Official_Cantor is…
— Brandon Lutnick (@Brandonlutnick) July 17, 2025
Adam Back later changed the name of Blockstream Capital to BSTR Holdings after the acquisition. Both companies will also raise an additional $800 million, which will make the agreement exceed $4 billion. The deal, which is estimated to reach $10 billion by 2025 after combining purchases from Twenty One Capital, will become one of the largest BTC acquisitions to date.
As the firm expands its Bitcoin accumulation strategy, BSTR’s founder will receive shares in the leading global financial services and real estate service holding company as part of the deal. Back will act as Chief Executive Officer of BSTR, while Sean Bill, an experienced hedge fund investor, will join the firm as Chief Investment Officer.
“By securing both fiat and Bitcoin funding on day one…we are putting unprecedented firepower behind a single mission: maximizing Bitcoin ownership per share while accelerating real-world Bitcoin adoption.”
–Adam Back, Co-Founder and CEO of BSTR.
The company disclosed in the announcement that 25,000 BTC will be contributed by founding Blockstream Capital Partners shareholders, priced at $10 per share. The rest of the BTC will be issued in-kind PIPE priced at $10 per share. The crypto firm also said that revenue from BSTR will be used to acquire additional Bitcoin and establish digital asset products.
BSTR also announced the first PIPE financing with a Bitcoin Treasury merger, with $1.5 billion in fiat financing, SPAC will also pitch in $200 million. The fiat contribution will include $750 million in convertible senior notes, $350 million in convertible preferred stock, and another $400 million of common equity.
BSTR’s co-founder championed Cantor’s support as well as the Bitcoin community’s. He argued that BSTR is being created to bring BTC’s integrity to modern capital markets. The company also confirmed that it intends to provide advisory solutions for companies seeking BTC-based treasury strategies, as well as develop Bitcoin-denominated capital markets.
Companies continue adding BTC to their balance sheet
Brandon Lutnick, chairman of Cantor Fitzgerald, noted that the partnership with Back marks a historic transaction towards integrating the BTC economy and traditional finance. The deal follows a flurry of public companies adding Bitcoin to their balance sheet, an initiative that stemmed from Michael Saylor’s software firm, Strategy’s playbook. Bitcointreasuries.net revealed that there are currently more than 142 publicly-traded companies that hold BTC, worth a combined total of $112 billion.
Cantor Equity Partners also revealed another $3.9 billion planned SPAC acquisition to launch 21 Capital in May, with backing from Tether, SoftBank, and Bitfinex. The firm said the merger would allow it to stockpile around 42,000 BTC and offer investors exposure to the digital asset.
Brandon Lutnick’s firm also raised $200 million in January for a new crypto acquisition company, 21 Capital. The company also announced in March plans to establish a Bitcoin financing business with $2 billion in initial capital to allow investors to use their crypto holdings as collateral.
