Unshaken by the fall of Bitcoin and price action even worse for Bitcoin treasury companies, Adam Back, CEO of Bitcoin Standard Treasury Company (BSTR), said shareholder approval for a public listing could come as soon as April.
The public listing would come via a SPAC merger with Brandon Lutnick’s Cantor Equity Partners I (CEPO).
BSTR intends to debut with 30,000 bitcoins on its balance sheet. Of this total, 25,000 coins will be contributed by Back and other founding shareholders. An additional 5,000 BTC will be contributed in kind by the first investors.
The merger plans were announced in the summer of 2025 amid a frenzy of hastily created crypto treasury companies that hoped to emulate the success of Michael Saylor’s strategy.
Since then, however, the price of bitcoin has collapsed to $63,000 and the performance of crypto cash companies has been much worse, with many top companies vaporizing 90% or more of investors’ capital.
Speaking to CNBC on Monday, Back said a weaker Bitcoin price could benefit BSTR ahead of its listing. Launching at a lower benchmark price would allow the company to accumulate more bitcoin at discounted levels, which could strengthen its balance sheet and increase long-term upside potential if market conditions improve.
Addressing bitcoin’s recent decline, Back noted that this occurred despite what he called a favorable regulatory environment in the United States. He attributed the decline to broader macroeconomic factors, including geopolitical tensions and tariff uncertainty, which weighed on risk assets more broadly.
Back added that Bitcoin treasury companies play a supporting role in the market. Their primary strategy centers on acquiring and holding bitcoin, although he acknowledged that the pace of accumulation typically slows during bear markets. Ultimately, he said, Bitcoin cash companies take Bitcoin off the market, providing a long-term bullish catalyst.
