Bitcoin Standard Treasury Co. (BSTR), a new bitcoin treasury vehicle led by Blockstream CEO and cryptography pioneer Adam Back, is preparing a bold entrance into Wall Street. The company plans to list on Nasdaq through a merger with Cantor Equity Partners (CEPO), positioning itself to become one of the world’s largest corporate holders of Bitcoin.
$2.1B Treasury Backing and Strategic Growth
Founders are contributing 25,000 BTC, joined by 5,021 BTC from early investors, with the potential of raising up to $1.5 billion in additional capital. This gives BSTR an initial treasury of 30,021 BTC, already placing it among the largest corporate bitcoin holders.
The company’s growth target is aggressive: expanding beyond 50,000 BTC, directly challenging MARA Holdings (MARA), which currently controls 50,600 BTC, according to data from bitcointreasuries.net.
For context:
- MicroStrategy (MSTR) remains the dominant player with ~629,000 BTC.
- Combined, MSTR, MARA, and BSTR will hold about 710,000 BTC — roughly 3.38% of Bitcoin’s total supply.
Active Treasury Management: Liquidity and Security First
Unlike companies that simply accumulate and hold Bitcoin, BSTR will actively manage its treasury. Strategies include:
- Selling puts to accumulate BTC at lower prices.
- Bitcoin-backed revolvers to secure liquidity.
- Using regulated tri-party custodians for collateral safety.
Adam Back emphasized that the firm will avoid risky yield farming and unregulated lending, stating:
“This is about liquidity, security, and scale. Bitcoin was created as sound money, and BSTR is being created to bring that same integrity to modern capital markets.”
The merger introduces a first-of-its-kind financing model, combining traditional Wall Street SPAC structures with a bitcoin-denominated private equity placement (PIPE). This unique blend underscores the growing institutional integration of Bitcoin.
BSTR’s mission extends beyond balance-sheet accumulation. The company positions itself as a catalyst for real-world Bitcoin adoption, seeking to merge sound money principles with scalable capital markets infrastructure.
Market Impact and the Road Ahead
If BSTR executes on its plan to surpass 50,000 BTC, it will become the second-largest corporate holder of Bitcoin, overtaking MARA and sitting just behind MicroStrategy.
With Bitcoin trading above $117,000, BSTR’s treasury is already valued at over $2.1 billion — a figure set to grow as both BTC price and institutional inflows continue to climb.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.