Bitcoin pioneer Adam Back is pushing his Bitcoin Standard Treasury Company (BSTR) toward a public debut, undeterred by the recent market downturn. The firm expects shareholder approval as early as April 2026 to complete a SPAC merger and list on Nasdaq under the ticker BSTR.
SPAC Route and Merger Partner
BSTR will combine with Cantor Equity Partners I (ticker CEPO), a special purpose acquisition company led by Brandon Lutnick. The deal was first announced in summer 2025, when a wave of crypto reserve companies were copying MicroStrategy's playbook. Post-merger, the entity will trade as BSTR on Nasdaq.
Back revealed in a recent interview that on listing day, BSTR expects to carry about 30,000 bitcoins on its balance sheet. Of those, 25,000 come from Back and other founding shareholders, with an additional 5,000 contributed in-kind by early investors. That stash would rank BSTR among the largest publicly held bitcoin treasuries globally.
Why a Price Drop Works in BSTR's Favor
Bitcoin has slipped to around $63,000, battering many reserve-company stocks and wiping out over 90% of investor capital in some cases. But Back views the downturn as a strategic advantage. "Starting with a lower reference price means we can accumulate more cheaply later," he said, arguing that a weaker initial valuation strengthens the long-term upside when markets recover.
Back attributed the selloff to macro headwinds—geopolitical tensions and tariff uncertainty—not to hostile U.S. regulation. He described the current regulatory climate as "relatively positive" for bitcoin's future.
The 'Supply Removal' Thesis
Back stressed that bitcoin reserve companies like BSTR follow a simple strategy: buy and hold. Even if accumulation slows in a bear market, each purchase permanently removes coins from circulation. "That alone is a bullish catalyst for bitcoin's price," he said, adding that these companies are more than investment vehicles—they help stabilize and grow the bitcoin ecosystem.