Blockstream chief executive Adam Back is forming Bitcoin Standard Treasury Company, which plans to list on Nasdaq by merging with Cantor Equity Partners I, a special-purpose acquisition company chaired by Brandon Lutnick. The proposed deal would give the new entity 30,021 bitcoin—currently worth about $3.5 billion—on day one, instantly making it the world’s fourth-largest public bitcoin treasury. The transaction assigns the combined company an implied equity value of roughly $4.8 billion and includes up to $1.5 billion in PIPE financing, the biggest private-investment round yet for a bitcoin-focused SPAC. Funding is expected to come through a mix of common equity, convertible notes and preferred stock, with proceeds earmarked for additional bitcoin purchases and the launch of bitcoin-native capital-markets services. Closing is targeted for the fourth quarter of 2025, after which the shares will trade under the symbol “BSTR.” Bitcoin Standard Treasury is the second large treasury vehicle announced in recent weeks. In late June, Anthony Pompliano’s ProCap BTC agreed to a $1 billion merger with Columbus Circle Capital Corp I, raising $750 million and setting out to hold up to $1 billion in bitcoin; ProCap has since bought 3,724 coins worth about $395 million. The back-to-back deals underscore intensifying competition among corporate bitcoin accumulators seeking to emulate Michael Saylor’s Strategy and other early adopters.