CEPO to combine with BSTR in $1.5B+ PIPE; Bitcoin treasury of 30,021 BTC

Cantor Equity Partners I, Inc.

Up to $1.5B fiat PIPE ($400M equity, $750M convertible notes, $350M convertible preferred) plus 5,021 Bitcoin in-kind from Bitcoin OGs.
Founders contribute 25,000 Bitcoin at $10/share; combined public company to have 30,021 Bitcoin (4th largest public Bitcoin treasury).
Dr. Adam Back (Hashcash inventor, Blockstream co-founder) named CEO; Sean Bill as CIO; combined company to trade under ticker BSTR.
$500M convertible notes committed with options for up to $250M more; conversion price $13/share; $30M preferred stock with option for up to $320M.
Transaction expected to close Q4 2025, subject to CEPO shareholder approval and customary conditions; CEPO trust may contribute up to ~$200M.

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