Bitcoin Standard Treasury Company merger vote set for June 26

The shareholder vote that could create the fourth-largest publicly traded Bitcoin treasury is now on the calendar. Cantor Equity Partners I, Inc. (CEPO) has set June 26 as the date for shareholders to approve the merger that would take Bitcoin Standard Treasury Company public on Nasdaq under the ticker BSTR.

If approved, the combined entity would launch with 30,021 BTC on its balance sheet and up to $1.5 billion in PIPE financing behind it.

What the deal looks like

BSTR Holdings Inc. is going public through a SPAC, or special purpose acquisition company, which is essentially a blank-check firm that exists solely to merge with a private company and bring it to market. The SPAC in question is Cantor Equity Partners I, and its board has unanimously recommended that shareholders vote yes on the deal.

The financing package includes an unusual crypto-native twist. Approximately $600 million of the PIPE contributions will come in the form of actual Bitcoin, not cash. Specifically, investors are contributing 5,021 BTC as an in-kind investment. The rest of the up to $1.5 billion in financing follows more traditional structures.

The deal was originally announced on July 17, 2025, with a target closing in Q4 of that year. Market volatility created headwinds for SPAC redemptions and put pressure on share prices, pushing the timeline into 2026. With the vote now locked in for June 26, the company is targeting a close by the end of the month.

Once the merger is finalized, BSTR expects to begin trading on Nasdaq shortly after. The 30,021 BTC starting position would immediately place it among the largest corporate Bitcoin holders in the world, as the fourth-largest publicly traded Bitcoin treasury.

The people and the plan

BSTR is led by Adam Back, co-founder of Blockstream and one of the few people actually cited in the Bitcoin whitepaper. Back serves as CEO, with Katherine Dowling as President.

The company’s stated strategy goes well beyond simply sitting on a pile of Bitcoin. BSTR intends to actively manage its treasury and grow its holdings beyond 50,000 BTC. That’s a roughly 67% increase from its launch position.

BSTR also plans to develop what it calls Bitcoin-native capital markets and advisory services, functioning as both a Bitcoin treasury vehicle and a financial infrastructure business.

What this means for investors

The SPAC structure itself carries risks that investors should weigh carefully. The delayed timeline from Q4 2025 to mid-2026 already hints at the friction these deals can encounter. Redemption rates in SPAC deals have been historically high during volatile periods, meaning the cash available after the merger could be less than projected.

Having investors commit 5,021 BTC directly to the deal rather than converting to cash first means the company’s balance sheet is somewhat insulated from fiat conversion risk at launch.

With 30,021 BTC at launch and a stated target of exceeding 50,000 BTC, BSTR becomes an immediate player among public Bitcoin treasury firms. The June 26 vote is the next concrete milestone. If shareholders approve, the close and Nasdaq listing are targeted to follow by the end of the month.

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