Bitcoin Standard Treasury Company (BSTR) plans to go public via a SPAC merger, potentially approved by April 2026, holding roughly 30,000 bitcoins on its first trading day. CEO Adam Back sees the current price dip as an opportunity for cheaper accumulation.

Bitcoin Standard Treasury Company CEO Adam Back says shareholder approval could come as early as April via a SPAC merger, with 30,000 BTC initially on the balance sheet.

Bernstein says Bitcoin has likely found a cycle bottom and argues the current 40% drawdown reflects weak sentiment, not a structural break. The firm kept its $150,000 target for the end of 2026.

Blockstream co-founder Adam Back’s bitcoin treasury venture BSTR Holdings and special purpose acquisition company Cantor Equity Partners I said on July 8 they will not complete their merger under the agreement signed in July 2025. A PIPE financing tied to the deal is also no longer required to close, and a shareholder meeting scheduled for July 10 has been postponed indefinitely. Under the original structure, the transaction was supposed to bring 30,021 BTC to the public market, alongside as much as $1.5 billion in fiat PIPE financing, 5,021 BTC in in-kind PIPE commitments, up to roughly $200 million in cash from CEPO depending on redemptions, and 25,000 BTC from founding shareholders. The report argues the main stress point is not bitcoin itself, but the funding model used by listed bitcoin treasury companies. That model depends on a stock market premium over net asset value, often discussed through mNAV, which allows companies to issue shares above the value of their holdings and buy more BTC. With bitcoin around $64,000 and well below the peak cited in the report, that premium has weakened across the sector. The next SEC filing, if the parties reach revised terms, is expected to show how much of the 30,021 BTC target remains, how much investor backing survives, and what price investors now require.

BSTR Holdings, the Bitcoin treasury company led by Blockstream co-founder Adam Back, and special purpose acquisition company Cantor Equity Partners I said on July 8 that they will not complete their merger under the original agreement signed in July 2025. A related private investment in public equity, or PIPE, is also no longer required to close, and a shareholder meeting scheduled for July 10 has been postponed indefinitely. The original deal was supposed to bring 30,021 BTC onto the balance sheet of the public company, alongside as much as $1.5 billion in fiat PIPE financing, 5,021 BTC in in-kind PIPE commitments, 25,000 BTC from founding shareholders, and up to about $200 million in cash from CEPO depending on redemptions. The case has drawn attention because it goes beyond Bitcoin’s price and cuts into the financing structure behind listed Bitcoin treasury firms. The next SEC filing now matters most: it is expected to show how much of the Bitcoin scale remains, how many investor commitments survive, and what valuation new backers are willing to accept in current market conditions.

BSTR Holdings, the bitcoin treasury company led by Blockstream co-founder Adam Back, and special purpose acquisition company Cantor Equity Partners I said they will not complete their merger under the original agreement signed in July 2025. A related private investment in public equity, or PIPE, is also no longer required to close. The companies disclosed the change in a July 8 filing with the U.S. Securities and Exchange Commission, saying they are discussing revised transaction terms that better reflect current market conditions. Under the original structure, BSTR had planned to list with 30,021 BTC on its balance sheet, as well as up to $1.5 billion in fiat PIPE financing, a 5,021 BTC in-kind PIPE, 25,000 BTC from founding shareholders, and as much as roughly $200 million in cash from Cantor Equity Partners I, depending on redemptions. The July 10 shareholder meeting has been postponed indefinitely, and public shares submitted for redemption will be returned. The case has drawn attention because it tests whether the bitcoin treasury company model still works when equity premiums shrink. The next SEC filing is now the key document for investors, as it should show how much of the original bitcoin scale and financing commitments can still be preserved under any revised deal.

Monera Digital said June marked a deeper phase of crypto market liquidation, with Bitcoin falling from $73,764 at the start of the month to around $59,624 by month-end, down about 19.2%, while Ether dropped from $2,007 to $1,572, down roughly 22%. In its June market report, the firm argued that three developments defined the month: the public break in the institutional bid narrative around Strategy, the largest monthly net outflow on record for spot Bitcoin ETFs at about $4.51 billion, and a microstructure shift from spot-led capitulation to late-month accumulation. The report said Strategy’s decision to cut 32 BTC at the start of the month, followed by its Digital Credit capital framework and authorization to monetize up to $1.25 billion in BTC, changed the role of one of the market’s biggest price-insensitive buyers. It also pointed to broad weakness in U.S. channels, including persistent negative Coinbase premium readings and heavy ETF redemptions, as signs that marginal selling pressure dominated most of June. At the same time, Monera Digital said several bottom-region signals began to appear. Long-term holders returned to net accumulation, their supply share rose to 88.1%, Ahr999 fell to 0.283, and loss-making supply exceeded profitable supply for the first time. Even so, the firm said a full trend reversal has not been confirmed because ETF flows have not stabilized, the dollar has not turned lower, and price has yet to reclaim key resistance levels.

Bitcoin Standard Treasury Company (BSTR) will go public via a SPAC merger with Cantor Equity Partners, holding over 30,000 BTC. Led by Adam Back, it aims to be the 4th largest public bitcoin treasury.