Adam Back’s Bitcoin Standard Treasury has completed a $3.5 billion merger with Cantor Equity Partners I (CEPO), forming a new entity that becomes the world’s fourth-largest public Bitcoin holder. The landmark deal notably incorporates blockchain-native financial innovation through a Bitcoin-denominated private investment vehicle.
The merged entity adds approximately 30,021 BTC to its corporate treasury. This comprises 25,000 BTC contributed by founding shareholders coupled with 5,021 BTC raised through a pioneering Bitcoin-denominated PIPE (Private Investment in Public Equity) offering – marking one of Wall Street’s first institutional-grade financing instruments settled directly in cryptocurrency.
Cantor Fitzgerald’s participation lends significant regulatory credibility and market expertise to the venture. Chairman & CEO Howard Lutnick and Cantor Equity Partners President Brandon Lutnick are spearheading operational integration, emphasizing compliance frameworks and institutional standards throughout the merger process.
The Bitcoin-denominated PIPE structure represents a major advancement in crypto-native finance, potentially establishing new pathways for blockchain-based corporate funding. This transaction signals a strategic shift toward regulated institutional Bitcoin adoption, combining substantial treasury allocation with innovative capital market solutions.