BSTR plans to go public through a SPA, becoming the world's fourth largest Bitcoin vault.

[Coin World] Bitcoin Standard Treasury Company (BSTR) announced that it will go public through a merger with Nasdaq-listed SPAC Cantor Equity Partners I (CEPO), expected to be completed in the fourth quarter of 2025, with the merged stock code being BSTR. Upon completion of the transaction, BSTR will hold 30,021 Bitcoins, becoming the fourth largest publicly listed Bitcoin treasury in the world. The transaction also includes up to $1.5 billion in private placement financing (PIPE), consisting of: $400 million in common stock financing (at $10 per share); $750 million in convertible bond financing (conversion price $13); and $350 million in convertible preferred stock financing (partially subscribed). Additionally, there have been subscriptions for 5,021 Bitcoins from long-term holders, while the founding shareholders (including a certain company) will provide support with 25,000 Bitcoins. BSTR's CEO is Bitcoin veteran, CEO of a certain company, and Hashcash inventor Adam Back, while the CIO is former hedge fund manager Sean Bill, dedicated to building Bitcoin-native capital markets and treasury solutions for sovereign and state-owned enterprises.