CF Acquisition Corp VIII (ticker: CEPO) is a SPAC sponsored by affiliates of Cantor Fitzgerald. The company raised $200M in its IPO in January 2025 at $10.00 per share, with proceeds held in a trust account invested in U.S. government securities or money market funds. CEPO has no operating business — its sole purpose is to identify and complete a merger with a private company, taking that company public in the process. The sponsor acquired founder shares at a nominal cost, representing roughly 20% of post-IPO equity, as compensation for managing the SPAC. Public shareholders can redeem their shares for their pro rata share of the trust (approximately $10.53 per share as of December 31, 2025) if they choose not to participate in a deal. CEPO has already identified its target, BSTR, signing a Business Combination Agreement in July 2025. The financing structure for the BSTR deal goes well beyond the trust account, and includes $574.7M in convertible senior secured notes, $301.9M in perpetual convertible preferred stock, a $400M cash equity PIPE, and additional equity contributions in the form of Bitcoin. CEPO must complete a business combination by January 8, 2027, or it will liquidate and return trust funds to shareholders. Brandon Lutnick, Chairman and CEO of Cantor, serves as CEO of the SPAC, and all executive officers are Cantor employees.