BSTR goes public through Cantor SPAC
Holds over 30,000 BTC in reserves
4th largest public Bitcoin treasury
Adam Back, the CEO of Blockstream and a pioneer in Bitcoin development, is taking Bitcoin Standard Treasury (BSTR) public through a merger with a Cantor Fitzgerald-backed SPAC. With a reserve of 30,021 BTC—valued at more than $1.8 billion—BSTR will become the fourth-largest public Bitcoin treasury.
The SPAC route offers BSTR a fast-track to public markets, enabling the company to bypass traditional IPO hurdles. Unlike firms that hold Bitcoin as a side asset, BSTR is a pure Bitcoin treasury—its entire model is built around accumulating and holding BTC as a long-term reserve.
A New Era for Corporate Bitcoin Treasuries
The public listing highlights a growing trend of institutional interest in Bitcoin. By going public, BSTR makes it easier for investors to gain exposure to Bitcoin through the stock market, without directly handling digital assets.
Major players like MicroStrategy and Tesla have already established themselves as corporate BTC holders. However, BSTR’s approach stands out—it was created specifically to be a Bitcoin treasury, not a tech firm adding BTC to its balance sheet.
BREAKING: Adam Back's Bitcoin Standard Treasury (BSTR) to go public via Cantor-backed SPAC with 30,021 $BTC, which will make it the 4th largest public Bitcoin treasury. pic.twitter.com/m59y9lJ3KL
— Cointelegraph (@Cointelegraph) July 17, 2025
Adam Back’s Strategic Vision Goes Public
Adam Back, a legendary figure in the Bitcoin space and inventor of Hashcash (the proof-of-work concept Bitcoin is based on), has long supported Bitcoin as digital gold. With BSTR, he’s now offering public investors a way to back that belief in a structured, regulated way.
This move could inspire more companies to follow suit, either by allocating BTC to their treasuries or launching dedicated Bitcoin-holding entities. As BSTR goes public, it sets a precedent for the next generation of crypto-native financial models.
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