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Bitcoin Standard Treasury Co. (BSTR), a bitcoin (BTC) treasury vehicle led by cryptography pioneer Adam Back, sees itself as a company with a mission to accelerate real-world bitcoin adoption.
But it might be setting out on another milestone: becoming one of the biggest corporate bitcoin holders.
The company, which is preparing to go public on Nasdaq by merging with Cantor Equity Partners (CEPO), already has 30,021 BTC on its balance sheet, with plans to grow its stack beyond 50,000 coins.
This will set it on the path of potentially overtaking MARA Holdings (MARA) as the second-largest corporate holder of BTC behind Strategy. MARA has more than 50,600 BTC, according to bitcointreasuries.net. Strategy has just under 629,000.
Currently, MSTR, MARA, and BSTR collectively hold roughly 710,000 bitcoin, which represents about 3.38% of bitcoin’s fixed supply of 21 million.
Unlike some corporate treasuries that sit on bitcoin passively, BSTR intends to use techniques that include selling puts to accumulate BTC at lower prices, using bitcoin-backed revolvers and placing collateral with regulated tri-party custodians.
“We’re not interested in chasing DeFi yield or taking on counterparty risk we can’t manage. This is about liquidity, security, and scale,” Back said exclusively with CoinDesk. “Bitcoin was created as sound money and BSTR is being created to bring that same integrity to modern capital markets.”
The SPAC deal with Cantor combines, for the first time, traditional Wall Street financing with a bitcoin-denominated private placement of equity (PIPE).
In addition to 25,000 BTC contributed by the company’s founders, another 5,021 BTC will be raised from the bitcoin community.
The company is also raising up to $1.5 billion in fiat financing, the largest PIPE ever announced alongside a bitcoin treasury SPAC merger.
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$400 million in common equity at $10 per share.
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Up to $750 million in convertible senior notes (30% conversion premium, $13 per share).
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Up to $350 million in convertible preferred stock with a 7% dividend and a $13 per share equivalent conversion price.
CEPO could add up to $200 million from its trust, subject to redemptions.
“By securing both fiat and bitcoin funding on day one, we are putting unprecedented firepower behind a single mission: maximizing bitcoin ownership per share while accelerating real-world bitcoin adoption,” Back said.
The in-kind PIPE allows investors to deliver BTC at closing and potentially capture upside before settlement. Back said the approach was designed to appeal to both crypto-native players and traditional managers seeking exposure without waiting for post-close market buys.
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