crypto

Yaël Bizouati-Kennedy7/17/25

Adam Back-led bitcoin treasury company to go public via Cantor SPAC in $1.5 billion PIPE deal

After days of rumors, the Adam Back-led Bitcoin Standard Treasury Company announced it has entered into a definitive agreement for a business combination with Cantor Equity Partners via a SPAC, in a $1.5 billion PIPE financing, “the largest ever PIPE announced in conjunction with a Bitcoin Treasury SPAC merger,” according to the press release. CEP was down 7% in early trading on the news.

The new company will trade under the ticker “BSTR” when it launches, with 30,021 bitcoin. This would make it “the 4th largest public Bitcoin treasury,” surpassing Riot Platforms, which holds 19,225 bitcoin.

Adam Back, inventor of Hashcash and cofounder of Blockstream, will be CEO of the company. Back said in a statement, “We are putting unprecedented firepower behind a single mission: maximizing bitcoin ownership per share while accelerating real-world Bitcoin adoption. I’m grateful for the trust of the Bitcoin OG community and for the unwavering support of Cantor Fitzgerald.”

Alexander Blume, CEO of Two Prime, told Sherwood News, “It makes a lot of sense for Adam Back to engage in this. He effectively continues to retain his bitcoin, but now through a public vehicle that can tap into public capital markets.” Blume also warned retail investors “to be cautious about not FOMO trading into the entity and becoming exit liquidity for SPAC sponsors and initial investors.”

Bitcoin treasuries have been on a roll this week, with Strategy, the largest corporate bitcoin holder, crossing the 600,000 bitcoin milestone to hold 601,550 bitcoin. Metaplanet picked up another 1,241 bitcoin to bring its total to 16,352, while Sequans acquired 683 bitcoin, to give it 1,053 bitcoin.

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crypto

Sage D. Young4/22/26

Justin Sun sues Trump-backed World Liberty over frozen tokens

Crypto billionaire Justin Sun, owner of the world’s most expensive banana, was named an adviser to World Liberty Financial the day after investing $30 million in the project. (He’d later boost that with $45 million more.) Sun has long been a supporter of President Trump, and has not once, but twice topped a competition to amass the most $TRUMP coins. But it seems even for Sun, the gold has turned brass.

Sun announced on social media that he’s filed a lawsuit in a California federal court against the crypto project backed by Trump.

The lawsuit alleges World Liberty engaged in an “illegal scheme to seize property” and “positioned itself as the new boogeyman” by stripping Sun of his governance rights, threatening to burn his WLFI tokens, and freezing his stash, which at times were worth $1 billion, according to the complaint dated on Tuesday.

“I have tried in good faith to resolve this situation with the World Liberty project team without resorting to litigation,” Sun wrote in a lengthy X post on Tuesday night. “But the project team has refused my requests to unfreeze my tokens and restore my rights as a token holder. They have left me with no choice but to turn to the courts.”

The complaint also alleged that World Liberty appears to be in financial trouble, citing concerns over whether the project can repay an on-chain loan that was collateralized by using, at the time, $5 billion worth of WLFI. The token reached an all-time low less than two weeks ago.

Despite the escalation with World Liberty, Sun said the lawsuit does not change his feelings about Trump or his administration. “I have always been — and remain — an ardent supporter of President Trump and his Administration’s efforts to make America crypto friendly,” he said.

Blockchain billionaire Sun takes Trump family’s crypto firm to court

Blockchain billionaire Sun takes Trump family’s crypto firm to court

The lawsuit alleges World Liberty engaged in an “illegal scheme to seize property” and “positioned itself as the new boogeyman” by stripping Sun of his governance rights, threatening to burn his WLFI tokens, and freezing his stash, which at times were worth $1 billion, according to the complaint dated on Tuesday.

“I have tried in good faith to resolve this situation with the World Liberty project team without resorting to litigation,” Sun wrote in a lengthy X post on Tuesday night. “But the project team has refused my requests to unfreeze my tokens and restore my rights as a token holder. They have left me with no choice but to turn to the courts.”

The complaint also alleged that World Liberty appears to be in financial trouble, citing concerns over whether the project can repay an on-chain loan that was collateralized by using, at the time, $5 billion worth of WLFI. The token reached an all-time low less than two weeks ago.

Despite the escalation with World Liberty, Sun said the lawsuit does not change his feelings about Trump or his administration. “I have always been — and remain — an ardent supporter of President Trump and his Administration’s efforts to make America crypto friendly,” he said.

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