CEPO Jumps 25% on Reported $3.5B Bitcoin Deal With Blockstream’s Adam Back

Cantor Equity Partners I (CEPO) surged nearly 25% to just under $15 in early U.S. trading Wednesday, fueled by reports that a landmark $3.5 billion Bitcoin deal with industry veteran Adam Back is nearing completion.

According to a Financial Times report published late Tuesday, CEPO — a bitcoin-focused SPAC led by Cantor Fitzgerald chairman Brandon Lutnick — is set to acquire 30,000 BTC from Back. In return, Back would receive equity in CEPO, which plans to rebrand as BSTR Holdings following the transaction.

The deal would mark one of the largest single allocations of bitcoin to a corporate treasury vehicle to date. CEPO is also said to be raising an additional $800 million to expand its bitcoin holdings further.

Strategic Move, Not a Selloff

While the size of the transaction has prompted some speculation that Back is cashing out, analysts push back strongly against that narrative.

“This is no exit,” said James Van Straten, Senior Analyst at CoinDesk. “This is Adam Back doubling down on Bitcoin as an institutional asset.”

Back — a cryptographer cited in the original Bitcoin white paper — has long advocated for bitcoin’s integration into traditional financial frameworks. Van Straten noted that Back has also personally backed several other bitcoin treasury initiatives, further demonstrating a strategy aimed at long-term expansion rather than short-term liquidity.

“His goal is clearly to mainstream Bitcoin within legacy capital markets,” Van Straten added.

Bitcoin on Wall Street’s Terms

The deal reflects growing interest from Wall Street in structured BTC exposure and comes as Bitcoin trades near local highs. With CEPO poised to become BSTR Holdings, the partnership could serve as a blueprint for how bitcoin-native innovators and financial institutions collaborate.

The news lifted CEPO sharply in morning trading and has energized broader discussions around corporate bitcoin strategies and the emergence of SPAC-driven treasury vehicles.