Shares in Cantor Equity Partners 1 Surge 25% After Sealing $3.5 Billion Bitcoin Deal With Adam Back

CEPO Surges 25% on $3.5B Bitcoin Deal With Adam Back

Cantor Equity Partners I (CEPO) spiked nearly 25% in early U.S. trading Wednesday, rising to just under $15 following reports of a major Bitcoin transaction with industry pioneer Adam Back.

According to a Financial Times report, CEPO is finalizing a $3.5 billion agreement to acquire 30,000 BTC from Back, who would in turn receive equity in the vehicle. As part of the arrangement, CEPO is expected to rebrand as BSTR Holdings. The firm is also reportedly seeking to raise an additional $800 million to expand its bitcoin holdings further.

CEPO is a special purpose acquisition company (SPAC) created to pursue Bitcoin treasury strategies. It is led by Brandon Lutnick, chairman of Cantor Fitzgerald and son of former U.S. Commerce Secretary Howard Lutnick.

Back’s Bet on Institutional Bitcoin

While the deal prompted some speculation that Back may be cashing out, analysts suggest otherwise.

“This is a strategic partnership, not a sell-off,” said CoinDesk Senior Analyst James Van Straten. “It reflects Adam Back’s belief that Bitcoin should be central to institutional portfolios.”

Back, a cryptographer whose work was cited by Bitcoin creator Satoshi Nakamoto, has invested in multiple corporate bitcoin strategies. Van Straten added that Back’s involvement in CEPO signals long-term conviction rather than a desire to exit his holdings.

“He’s helping bridge the gap between Bitcoin-native innovation and traditional finance,” Van Straten said.

Institutional Momentum Accelerates

The proposed deal highlights the growing interest from institutional investors in direct Bitcoin exposure through structured vehicles. If completed, CEPO’s purchase would represent one of the largest single treasury acquisitions of BTC to date.

The news energized CEPO shares and reinforced optimism around the increasing institutionalization of Bitcoin. With CEPO preparing to become BSTR Holdings, this collaboration could pave the way for further crypto-finance convergence.