Cantor Equity Partners 1, a special‑purpose acquisition company that raised $200 million in a January IPO, would issue new shares to Back in exchange for as much as 30,000 BTC. The amount represents approximately $3 billion at current prices.
Furthermore, the firm intends to seek up to $800 million in additional outside capital for further Bitcoin purchases. Upon completion of the transaction, the vehicle will be renamed BSTR Holdings.
Combined, the two SPACs could accumulate nearly $10 billion in Bitcoin this year, positioning Cantor as one of the most active institutional buyers of the asset.
Back is best known for inventing Hashcash and co-founding Blockstream in 2014. As part of the deal, Back will swap the contributed Bitcoin for equity in the public firm.
Cantor’s move follows a playbook popularized by Strategy, whose Bitcoin treasury approach has prompted a wave of corporations and SPACs to raise equity or issue convertible bonds to buy BTC outright.
The transaction would require shareholder approval and review by the Securities and Exchange Commission of updated disclosures detailing the Bitcoin contribution and capital raise.
Should the SPAC complete its acquisition and subsequent fundraising, BSTR Holdings would emerge as one of the world’s largest listed holders of Bitcoin, trailing only Strategy and a handful of spot ETF trusts.
