(Reuters) -Crypto firm Bitcoin Standard Treasury Company said on Thursday it is aiming to list on the Nasdaq through a merger with a Cantor Fitzgerald-backed
blank check vehicle.
The company will merge with Cantor Equity Partners I, a special purpose acquisition company (SPAC) backed by Cantor Fitzgerald, which is chaired by Brandon Lutnick, the son of U.S. Secretary of Commerce Howard Lutnick.
The move comes about four months after another Cantor-backed SPAC teamed up with Japanese technology investor SoftBank Group and Tether, the company behind the world's largest stablecoin, for a $3.6 billion crypto venture to buy bitcoin.
Several public companies - including Trump Media & Technology, founded by U.S. President Donald Trump - are now buying cryptocurrencies amid a rally fueled by rising adoption and favorable regulatory changes.
Bitcoin has gained over 26% this year and vaulted past $120,000 for the first time on Monday.
The bitcoin holding trend started after the success of Michael Saylor's bitcoin acquirer Strategy, whose market value surged late last year as crypto prices jumped following Donald Trump's presidential election victory.
Saylor pioneered the treasury approach, which involves hoarding the world's biggest cryptocurrency. As of July 14, Strategy held 601,550 units of bitcoin, making it the biggest corporate holder.
Bitcoin Standard, which said it will go public with over 30,000 bitcoin on its balance sheet, will be the fourth largest listed bitcoin treasury, the company said.
The U.S. House of Representatives is expected to soon pass a bill to establish a federal framework for stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg.
The deal between Bitcoin Standard and Cantor is expected to close in the fourth quarter of 2025.
The combined company will trade on the Nasdaq under the symbol "BSTR".
(Reporting by Ateev Bhandari and Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli)