Adam Back’s BSTR Holdings will launch with 30,021 BTC, making it the fourth-largest Bitcoin treasury in the world overnight.
Back's $4B SPAC deal with Cantor Equity Partners signals growing Wall Street interest in holding Bitcoin as a long-term asset.
With over $1.5B in cash and 30K BTC, BSTR’s entry reshapes the crypto treasury game and boosts Bitcoin’s institutional adoption.
Bitcoin pioneer Adam Back is launching BSTR Holdings with 30,021 BTC, instantly placing the firm as the fourth-largest Bitcoin treasury. The move comes as part of a landmark SPAC deal with Cantor Equity Partners 1, backed by Wall Street heavyweight Cantor Fitzgerald. The SPAC, which raised $200 million in its January IPO, is in advanced talks with Back to secure over $3 billion worth of BTC. This blockbuster deal signals growing institutional confidence in Bitcoin’s long-term potential.
Back, through his firm Blockstream Capital, plans to contribute roughly 30,000 BTC—currently worth over $3 billion—to the SPAC. In return, he will receive shares in the newly formed entity, which will be renamed BSTR Holdings. The agreement also includes an additional $800 million in outside funding, bringing the total transaction to nearly $4 billion. Hence, this becomes the largest Bitcoin-focused SPAC deal to date.
Wall Street Deepens Bitcoin Bet
Besides the sheer size, this move marks a deeper embrace of Bitcoin by traditional financial institutions. Cantor Equity Partners aims to use the SPAC model to acquire Bitcoin at scale. Moreover, this deal follows Cantor Fitzgerald chair Howard Lutnick’s public support for Bitcoin’s limited supply. His sons, Brandon and Kyle Lutnick, now lead the firm and are overseeing the transaction. Their leadership aligns with a growing push from Wall Street toward digital assets.
The structure offers both parties strategic benefits. Back secures liquidity and equity upside while retaining significant exposure to Bitcoin. The SPAC gains instant credibility and asset backing. Additionally, the new BSTR entity enters the market with a strong balance sheet and over $1.5 billion in buying power. That buying potential could support further Bitcoin accumulation in the coming months.
New Era for Bitcoin Treasuries
Consequently, BSTR’s emergence reshapes the treasury landscape. It joins giants like MicroStrategy and Tesla in holding massive BTC reserves. However, BSTR’s SPAC-driven strategy adds a new playbook for institutional Bitcoin adoption. Moreover, it reflects increasing sophistication among crypto-native firms like Blockstream.
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