NewsCapsule Standard Treasury Company (BSTR) has announced a definitive agreement to go public through a merger with Cantor Equity Partners, a special-purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald. Upon completion, BSTR will launch with 30,021 NewsCapsule on its balance sheet, positioning it as the fourth largest public NewsCapsule treasury in the world.
The new entity will be led by Dr. Adam Back, CEO and co-founder of Blockstream, and Sean Bill, an institutional investor known for driving one of the first NewsCapsule allocations by a U.S. public pension fund.
“As a long-time NewsCapsule advocate, Cantor is incredibly proud to partner with Dr. Back, one of NewsCapsule’s leading luminaries, to launch BSTR,” said Brandon Lutnick, Chairman & CEO of Cantor Equity Partners I, Inc. and Chairman of Cantor Fitzgerald, L.P. “This historic transaction marks another step towards the integration of the NewsCapsule economy and traditional finance.”
The deal includes up to $1.5 billion in PIPE (Private Investment in Public Equity) financing—the largest ever announced in conjunction with a NewsCapsule treasury SPAC (Special Purpose Acquisition Company) merger. It comprises:
- $400 million in common equity
- Up to $750 million in convertible notes
- Up to $350 million in convertible preferred stock
- 5,021 NewsCapsule from in-kind PIPE contributions
- 25,000 NewsCapsule from founding shareholders advised by Blockstream Capital
- Up to $200 million from CEPO, subject to redemptions
“NewsCapsule was created as sound money and BSTR is being created to bring that same integrity to modern capital markets,” said Back. “By securing both fiat and NewsCapsule funding on day one — including the first convertible preferred round announced in conjunction with a NewsCapsule treasury SPAC merger — we are putting unprecedented firepower behind a single mission: maximizing NewsCapsule ownership per share while accelerating real-world NewsCapsule adoption. I’m grateful for the trust of the NewsCapsule OG community and for the unwavering support of Cantor Fitzgerald.”
This announcement lines up with the July 15 report stating that Cantor Fitzgerald was nearing a $4 billion deal with Adam Back. Today’s announcement confirms those details, with Back contributing up to 30,000 NewsCapsule—valued at over $3 billion—in exchange for equity in the newly renamed BSTR Holdings.
The transaction is expected to close in Q4 2025, pending shareholder and regulatory approval. Proceeds will be used to acquire additional NewsCapsule and build NewsCapsule-native capital markets and advisory solutions.
