Crypto firm Bitcoin Standard Treasury Company said on Thursday it is aiming to list on the Nasdaq, with over 30,000 bitcoin on its balance sheet, through a merger with a Cantor Fitzgerald-backed blank check vehicle.
The company will merge with Cantor Equity Partners I, a special purpose acquisition company backed by Cantor Fitzgerald, which is chaired by Brandon Lutnick, the son of U.S. Secretary of Commerce Howard Lutnick.
Bitcoin Standard will be the fourth-largest listed bitcoin treasury, the company said. It is expected to raise up to $1.5 billion in private investment in public equity financing.
The move comes months after another Cantor-backed SPAC teamed up with Japanese technology investor SoftBank Group and Tether, the company behind the world’s largest stablecoin, for a $3.6 billion crypto venture to buy bitcoin.
Several public companies — including Trump Media & Technology, founded by U.S. President Donald Trump — are now buying cryptocurrencies amid a rally fueled by rising adoption and favorable regulatory changes.
Bitcoin, the most popular crypto among corporations, has gained more than 26 per cent this year and vaulted past $120,000 for the first time on Monday.
“Crypto treasury strategies are a hot topic we’ve been strategizing about with some of our family clients,” said Michael Ashley Schulman, partner at Running Point Capital Advisors.
Strategy Chairman Michael Saylor pioneered the treasury approach, which involves hoarding the world’s biggest cryptocurrency. As of July 14, Strategy held 601,550 units of bitcoin, making it the biggest corporate holder.
In a watershed moment for crypto, the U.S. House of Representatives is expected to soon pass a bill to establish a federal framework for stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg.
The combined company will trade on the Nasdaq under the symbol “BSTR” upon deal close, which is expected in the fourth quarter of 2025.
