BSTR Holdings to become the 4th largest public Bitcoin treasury with 30,021 BTC on its balance sheet. The company also secured the largest ever PIPE financing of $1.5 billion in combination with a Bitcoin Treasury SPAC merger with Cantor Equity Partners.
BSTR Holdings to go public in a business combination with Cantor Equity Partners I (NASDAQ: CEPO), according to an official announcement on July 17. The leading global financial services firm Cantor Fitzgerald sponsored the $4 billion Bitcoin purchase deal.
With Adam Back as CEO and Sean Bill a CIO, the company will boost Bitcoin ownership per share while accelerating real-world Bitcoin adoption. The firm will use all proceeds to acquire additional Bitcoin and to build a suite of Bitcoin-native capital market products and advisory services.
“By securing both fiat and Bitcoin funding on day one — including the first convertible preferred round announced in conjunction with a Bitcoin treasury SPAC merger — we are putting unprecedented firepower behind a single mission,” said Adam Back.
Currently, Michael Saylor’s Strategy is the largest corporate holder of Bitcoin, with 601,550 BTC. Adam Back’s BSTR, supported by Cantor Fitzgerald, may look to become the largest corporate Bitcoin holder, even surpassing Strategy.
BTC price rebounded after the news, with the price currently trading at $118,703. The 24-hour low and high are $117,508 and $120,065, respectively. Furthermore, the trading volume has decreased by 2% in the last 24 hours.