Bitcoin Pioneer Adam Back Launches $3.5B Treasury Firm With Cantor Fitzgerald

Bitcoin advocate and Hashcash inventor Adam Back is teaming up with Cantor Fitzgerald to launch the Bitcoin Standard Treasury Company (BSTR), a new crypto treasury firm set to go public through a SPAC merger with Cantor Equity Partners I (CEPO). The deal, led by CEPO’s Brandon Lutnick—son of former Trump Commerce Secretary Howard Lutnick—positions BSTR as a major institutional player in the crypto space.

Back will serve as CEO, while former pension fund strategist Sean Bill joins as CIO. The firm plans to debut with more than 30,000 BTC—valued at over $3.5 billion—making it the fourth-largest publicly traded holder of bitcoin, behind only MicroStrategy, MARA Holdings, and Tesla. Founding shareholders will contribute 25,000 BTC, with an additional 5,021 BTC from early investors.

BSTR also plans to raise up to $1.5 billion through a PIPE deal, including $400 million in equity, $750 million in convertible notes, and $350 million in preferred stock. CEPO may contribute up to $200 million, depending on redemption levels. At current prices, the PIPE proceeds could add another 12,500 BTC to BSTR’s holdings, potentially pushing it into the third spot among corporate holders.

The launch reflects a growing trend among Wall Street players emulating MicroStrategy’s bitcoin treasury model. As crypto adoption accelerates, BSTR aims to become a cornerstone institutional vehicle for bitcoin exposure. The firm’s formation follows Tuesday reports by the Financial Times of a pending deal between Back and Cantor. CEPO shares dipped 8% after the announcement but remain up 20% since the leak.