Adam Back, the cypherpunk legend whose work is literally cited in the Bitcoin whitepaper, is building what he calls the “Berkshire Hathaway of Bitcoin.” His company, Bitcoin Standard Treasury (BSTR), plans to generate conservative returns on its Bitcoin holdings using traditional capital market strategies, not the kind of DeFi yield chasing that has historically ended in tears.
The company is set to debut with approximately 30,021 BTC, valued at over $3B, and has secured billions more in financing commitments to keep buying. If the plan works, BSTR could become one of the largest publicly traded Bitcoin treasury vehicles on the planet.
How BSTR plans to make Bitcoin work harder
The company plans to use conventional capital market tools like covered options writing and market making to squeeze yield out of its Bitcoin stack. In English: instead of just holding BTC and hoping the number goes up, BSTR would sell options contracts against its holdings to collect premiums, and facilitate trades in Bitcoin markets to capture spreads.
Covered call writing generates income by selling someone the right to buy your asset at a higher price. You collect the premium upfront. The trade-off is capping your upside if Bitcoin moons past the strike price.
