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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