BSTR is preparing to list with 30,021 BTC – the 4th largest Bitcoin reserve in the world

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BSTR Holdings Inc. has just announced a merger plan with SPAC Cantor Fitzgerald ( ticker CEPO.O ), which will list on Nasdaq along with 30.021 BTC in its treasury. If completed, BSTR will become the fourth largest publicly listed company holding Bitcoin globally, after MicroStrategy, BlackRock's iShares Bitcoin Trust ETF, and Fidelity's ETF.

The deal includes a PIPE worth up to 1.5 billion USD, which includes:

  • 400 million USD common stock
  • 750 million USD convertible bonds
  • 350 million USD preferred stock
  • About 5.021 BTC from early Bitcoin investors (OG Bitcoiners)

In addition, the founding shareholders of BSTR are committed to contributing an additional 25,000 BTC.

The BSTR management team includes Dr. Adam Back (, CEO of Blockstream, the inventor of Hashcash), and Sean Bill (, CIO of a pension fund that previously allocated to Bitcoin). The company stated it will use resources to continue accumulating Bitcoin, develop financial products related to Bitcoin, and support businesses as well as governments in building digital asset reserve strategies.

If successful, this will be one of the largest PIPE transactions related to Bitcoin among SPAC mergers ever announced.

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