BSTR Eyes April Approval for SPAC Public Listing

TLDR

• BSTR plans to go public through a SPAC merger with Cantor Equity Partners I.
• Adam Back said shareholder approval for the listing could come as soon as April.
• The company intends to debut with 30,000 bitcoin on its balance sheet.
• Founding shareholders will contribute 25,000 bitcoin to the new entity.
• Early investors will add 5,000 bitcoin in kind to complete the holdings.

Bitcoin Standard Treasury Company is advancing plans for a public listing through a SPAC merger. Adam Back said shareholders could approve the transaction as soon as April. The company aims to debut with 30,000 bitcoin on its balance sheet despite recent market weakness.

BSTR Plans Public Debut With 30,000 Bitcoin

BSTR will merge with Cantor Equity Partners I, a SPAC led by Brandon Lutnick. The companies announced the proposed transaction in the summer of 2025 during a surge in crypto treasury formations.

Back and other founding shareholders will contribute 25,000 bitcoin to the new entity. Early investors will add 5,000 bitcoin in kind, bringing total holdings to 30,000 coins.

Back confirmed the timeline during an interview with CNBC on Monday. He said shareholder approval for the public listing could arrive as soon as April.

He stated that BSTR intends to launch with a large bitcoin reserve from day one. He added that the company structured the contributions to ensure balance sheet strength at listing.

Market Conditions and Strategy Ahead of Listing

Bitcoin has declined to about $63,000 after trading at higher levels earlier in the year. At the same time, several bitcoin treasury companies have lost large portions of their market value.

Back said a lower bitcoin price could support BSTR before it lists publicly. He explained that a reduced reference price may allow the company to accumulate more bitcoin at discounted levels.

He told CNBC that such positioning could strengthen the balance sheet over time. He said this approach may increase long-term upside if market conditions improve.

Back addressed the recent bitcoin pullback during the interview. He said the decline occurred despite what he described as a favorable regulatory backdrop in the United States.

He attributed the weakness to macroeconomic pressures affecting risk assets. He cited geopolitical tensions and tariff uncertainty as factors weighing on broader markets.

Back also discussed the role of bitcoin treasury companies in the market. He said these firms focus on acquiring and holding bitcoin as a core strategy.

He acknowledged that accumulation often slows during bear markets. However, he said, treasury companies remove bitcoin from circulation, which supports long-term supply dynamics.