BSTR Pursues Nasdaq Listing, Plans to Add More Than 23,000 Bitcoin

Bitcoin Standard Treasury Company, or BSTR, led by Adam Back, signed a merger agreement in July 2025 with Cantor Fitzgerald-backed SPAC Cantor Equity Partners I. The deal was intended to list the company on Nasdaq under the ticker BSTR. The transaction contemplated spending $1.5 billion to acquire more than 23,000 additional bitcoin, lifting its holdings to 53,500 and making it one of the largest publicly traded corporate holders of the cryptocurrency.

The two sides said on July 8, 2026, that they had abandoned the original merger terms and would negotiate a new structure better aligned with market conditions. A CEPO shareholder meeting scheduled for July 10 was postponed indefinitely, and the $1.5 billion PIPE financing was no longer a condition for closing. As a result, the purchase of more than 23,000 bitcoin, total holdings of 53,500 and the listing timetable remain unsettled, pending amended filings with the U.S. Securities and Exchange Commission.