Bitcoin Standard Treasury Company Announces Plans To Go Public by Combining With Cantor Equity Partners

Bitcoin Standard Treasury Company (BTSR) is announcing its plans to go public by merging with Cantor Equity Partners, a special purpose acquisition company (SPAC) created by financial services titan Cantor Fitzgerald.

According to a new press release, BTSR Holdings will be merging with Cantor Equity Partners as a means of going public and is set to launch with 30,021 Bitcoin (BTC) in its treasury, making it the fourth-largest public BTC treasury on the market.

BTSR will also launch with $1.5 billion and 5,021 BTC in Private Investment in Public Equity (PIPE) financing – which are funds earned when a private investor purchases shares of a publicly traded company, often at a discount to the market price not available to the public – the largest amount ever PIPE amount associated with the crypto asset by market cap.

As stated by Adam Back, chief executive and co-founder of BTSR, in the press release,

“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: maximizing Bitcoin ownership per share while accelerating real-world Bitcoin adoption.”

SPACs are shell companies that raise capital through initial public offerings (IPOs) with the intention of merging with other firms.

In a recent report, Reuters says that with this move, the firm is planning on being listed on the Nasdaq stock exchange.

Bitcoin is trading for $118,782 at time of writing, a fractional decrease during the last 24 hours.

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