Adam Back's Bitcoin treasury company holds 30,000 BTC and is set for SPAC listing - $1.5 billion in funding also planned | CoinDesk JAPAN

• Adam Back and Cantor Fitzgerald's Bitcoin treasury company Bitcoin Standard Treasury announced plans for a SPAC listing.
• The company was established with 30,000 Bitcoins held from shareholders (mainly Mr. Back) and plans to raise up to 1.5 billion Dollars in funding.
• Adam Back, known as a pioneer of Bitcoin, serves as CEO, while Sean Bill serves as CIO.

Adam Back, who was deeply involved in the early development of Bitcoin (BTC), along with the American financial giant Cantor Fitzgerald, is revealing a new Bitcoin treasury company.

Bitcoin Standard Treasury Company (BSTR) announced on the 17th its plan to go public through a merger with Cantor Equity Partners I (CEPO), a special purpose acquisition company (SPAC) under Cantor, led by Brandon Lutnick, son of Howard Lutnick, the Secretary of Commerce under the Trump administration.

Mr. Back, a pioneer in cryptography and the creator of Hashcash, which influenced the Bitcoin proof-of-work (PoW) consensus mechanism, serves as the Chief Executive Officer (CEO). The Chief Investment Officer (CIO) will be veteran investor Sean Bill, who has been involved in Bitcoin investments by early institutional investors in U.S. pension funds.

According to the plan, the company will debut with over 30,000 BTC, equivalent to approximately 3.5 billion Dollars (about 518 billion yen, based on an exchange rate of 148 yen to 1 Dollar), making it the 4th largest Bitcoin holding company among publicly listed companies. Additionally, it is expected to raise up to 1.5 billion Dollars through PIPE (where a publicly listed company raises funding from institutional investors through private placement).

Looking at the current price of Bitcoin, it calculates that an additional 12,500 Bitcoin can be purchased, which will elevate it to the third position, following Strategy's 601,000 BTC and MARA Holdings' 50,000 BTC.

The initial Bitcoin holdings were contributed by the founding shareholders, with Mr. Back providing 25,000 BTC. Additionally, early investors contributed 5,021 BTC. The breakdown of the $1.5 billion funding includes $400 million in equity issuance, $750 million in convertible bonds, and $350 million in preferred stock. CEPO will also contribute up to $200 million conditionally.

The trends of cryptocurrency treasury companies announcing holdings such as Bitcoin and Ethereum are attracting attention on Wall Street. These companies are attempting to follow the strategy of Michael Saylor, who has become the largest company in the world in terms of Bitcoin holdings.

The Financial Times reported on the 15th that Adam Back and Cantor Fitzgerald are nearing an agreement to establish a Bitcoin treasury company holding 30,000 BTC.

Related article: Veteran Bitcoiner Adam Back is close to an agreement on a BTC transaction worth about 450 billion yen with the SPAC led by Brandon Ratnick: FT

Following the announcement on the 17th, CEPO's stock price fell by 8%, but it has risen by about 20% since the point when Mr. Back's investment became clear on the afternoon of the 15th.

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