š¢ Major SPAC Deal: BSTR Holdings and Blockstream
š” In July 2025, the largest deal in the Bitcoin sector to date took place: the merger of Cantor Equity Partners I (a SPAC backed by Cantor Fitzgerald) with the Bitcoin Standard Treasury Company (BSTR), founded by Adam Back, co-founder of Blockstream.
š Key Deal Facts
Deal size: approximately $4 billion, including:
⢠30,021 BTC (roughly $3.6 billion at current Bitcoin prices),
⢠Up to $1.5 billion via Private Investment in Public Equity (PIPE).
⢠Renaming: After the merger, the SPAC was renamed BSTR Holdings, with the NASDAQ ticker BSTR.
⢠Leadership: The CEO became Adam Back, a cryptographer and co-author of the Hashcash algorithm, which underpins Bitcoin mining.
š Deal Status
The deal has not yet been completed. The parties have signed a Definitive Business Combination Agreement, but the transaction is still pending ā subject to approval by SPAC shareholders (Cantor Equity Partners I) and the fulfillment of customary closing conditions.
š Market Context
The BSTR Holdings deal is part of Cantor Fitzgeraldās broader strategy of acquiring Bitcoin through SPAC vehicles. Along with previous transactions, such as the merger with Twenty One Capital, the company could accumulate up to $10 billion in Bitcoin.
š§ Market Impact
The BSTR Holdings merger has solidified Cantor Fitzgeraldās position as one of the leading institutional players in the crypto space. The event underscores the growing interest of major financial institutions in directly owning Bitcoin and creating public platforms for managing digital assets.
š§ The BSTR Holdings transaction is a prime example of institutional adoption of Bitcoin and illustrates how traditional financial structures are adapting to the era of digital assets.
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