BSTR Raises $2 Billion, Ready to Compete with Strategy in Bitcoin Accumulation Race
BSTR Prepares for SPAC Listing, Brings 30,021 BTC and Plans Aggressive Bitcoin Accumulation
Bitcoin Standard Treasury Company (BSTR) is preparing to go public through a SPAC merger with Cantor Equity Partners I Inc. (CEPO). The company will bring 30,021 Bitcoin (BTC) as its initial asset base and plans to continue expanding its Bitcoin holdings.
With that amount, BSTR is expected to become the fourth-largest public company holding Bitcoin reserves globally once officially launched.
Deal structure and team behind BSTR
The SPAC merger with CEPO, a blank-check company backed by Cantor Fitzgerald, was announced in mid-July 2025. The transaction is expected to be completed by the end of June 2026, after which BSTR will be listed on Nasdaq under the ticker BSTR.
The company has also secured more than $1.5 billion in PIPE financing, which will be used to purchase additional Bitcoin. Its target is to expand holdings beyond 50,000 BTC.
The company is led by Adam Back, a cryptographer known for creating the Hashcash proof-of-work system, a technology referenced in Bitcoin’s original whitepaper. Back will serve as CEO.
The executive team also includes Sean Bill as CIO and co-founder, Katherine Dowling as President, and Bob Stefanowski as CFO.
A different Bitcoin treasury strategy
BSTR is not relying solely on direct Bitcoin purchases. The company plans to use advanced financial strategies such as selling put options to accumulate Bitcoin at lower prices.
This strategy allows BSTR to generate income from options premiums while creating opportunities to buy Bitcoin at a discount if the market corrects.
In addition, the company is considering share buybacks if BSTR stock trades below its net asset value (NAV).
Samson Mow, CEO of JAN3 and a well-known Bitcoin advocate, believes new players like BSTR will increase Bitcoin demand as more companies compete to build BTC reserves.
Competition in Bitcoin treasury sector heats up
BSTR will begin with 30,021 BTC and more than $1.5 billion in funding to continue expanding its holdings beyond 50,000 BTC.
For investors, the key factor is not whether BSTR can buy Bitcoin, but whether the company’s stock can trade at a premium above NAV.
This is the same mechanism that has helped companies like Strategy build a strong position in the market.
However, risks remain significant. If Bitcoin prices decline sharply, the company’s balance sheet would be directly impacted. In addition, the SPAC merger structure carries uncertainty until the transaction is officially completed in mid-2026.
