Bitcoin Standard Treasury Company, the vehicle led by cypherpunk legend Adam Back, is sitting on a war chest large enough to scoop up roughly 23,500 BTC. That would vault it to the number two spot among public Bitcoin treasury companies, trailing only Strategy.
JAN3 CEO Samson Mow dropped the figure on June 23, explaining that BSTR could deploy up to $1.5 billion from its de-SPAC financing to accumulate Bitcoin at current market prices. If executed, the purchase would push BSTR’s total holdings past 53,500 BTC.
The SPAC merger and what comes next
BSTR isn’t technically a public company yet. It’s merging with Cantor Equity Partners I (CEPO), a special purpose acquisition company, to make its public market debut. The shareholder vote on that merger is scheduled for June 26, 2026, just three days after Mow’s announcement.
Assuming shareholders greenlight the deal, BSTR plans to hit the public markets with an initial balance sheet of 30,021 BTC.
