Haciyev Reşit 
Bitcoin Standard Treasury Co. (BSTR), founded under the leadership of Bitcoin ecosystem pioneer Adam Back, announced that it will go public on Nasdaq through a SPAC merger with Cantor Equity Partners (CEPO). The company stands out with 30,021 BTC on its balance sheet and has set a clear goal: to exceed 50,000 BTC.
25,000 BTC from Founders, 5,021 BTC from Early Investors
BSTR’s treasury currently consists of 25,000 BTC from the founders and 5,021 BTC from early investors. This structure clearly demonstrates the company’s confidence in Bitcoin. By putting their own BTC on the line, the founders are sending a strong message to Wall Street:
“We are here for the long term.”
Billion-Dollar New Capital Target
The company plans to raise up to $1.5 billion in new capital during its public offering. This funding will be carried out through three main instruments:
- Common shares worth $400 million
- Convertible bonds of up to $750 million
- Convertible preferred shares of up to $350 million
In this way, BSTR will support its growth not only through Bitcoin but also with fiat financing.
Challenge to MARA
As of today, the largest institutional BTC holders include MicroStrategy (MSTR) with ~629,000 BTC and Marathon Digital (MARA) with ~50,600 BTC.
BSTR’s plan to exceed 50,000 BTC positions it as a direct competitor to MARA, potentially becoming the world’s second-largest institutional Bitcoin holder after MicroStrategy.
According to Adam Back, BSTR goes beyond the classic HODL approach.
The goal is not just to hold BTC but to accumulate it through active treasury management. Back summarizes this approach:
“We are not chasing DeFi yields, nor taking uncontrolled risks. This strategy is built on liquidity, security, and scale.”
Bridging Wall Street and Bitcoin
BSTR’s plan represents a historic milestone not only for institutional investors but also for the Bitcoin community. For the first time, fiat financing and BTC-denominated PIPE (private investment in public equity) are being implemented simultaneously.
This unites Wall Street’s traditional capital with the direct contribution of the Bitcoin community under one roof.
The leadership team describes the process as follows:
“Instead of going to Wall Street to raise fiat, we sat at the table with 25,000 Bitcoin. Now, we are bringing Bitcoin to Wall Street.”
Bitcoin Standard Treasury is not just planning a public offering; it is building a historic bridge between Wall Street and the Bitcoin ecosystem. If it reaches its targeted 50,000 BTC, this move could mark a new milestone in Bitcoin’s institutional adoption.
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