A new Bitcoin (BTC) giant could emerge on the stock market, the result of a potential deal between Cantor Fitzgerald and Bitcoin enthusiast Adam Back.
If successful, this partnership would give rise to a Bitcoin Treasury Company with 30,000 BTC.
In the world of Bitcoin Treasury Companies, a new player seems to be emerging, the result of a possible collaboration between Cantor Fitzgerald and Bitcoin enthusiast Adam Back.
At the center of the discussions is Cantor Equity Partners 1 (CEPO), a Special Purpose Acquisition Company (SPAC). As a reminder, a SPAC is a company that goes public with the aim of merging with another existing company, thereby facilitating the latter’s IPO process. In this context, Adam Back and his company Blockstream would contribute 30,000 bitcoins to create the BSTR Holding group. While Cantor Equity Partners 1 investors have already raised $200 million in initial capital, an additional $800 million could be raised if the partnership in question goes ahead, bringing the total value of the deal to over $4.5 billion.
As a result of these discussions, CEPO’s share price has soared 25% since the first reports on Tuesday:
This case is reminiscent of Twenty One Capital (XXI), which involved another Cantor Fitzgerald SPAC: Cantor Equity Partners. At the time, the deal brought together Strike, Tether, Bitfinex and SoftBank, resulting in a Bitcoin Treasury Companies holding 37,230 BTC to date.
With 30,000 bitcoins, currently valued at $3.56 billion, this potential new Bitcoin Treasury Company would become the fourth largest publicly traded company with the most BTC. According to the Financial Times, the current discussions could be finalized as early as this week.
At the time of writing, the price of BTC stands at $118,000, stable over the last 24 hours.
