Bitcoin Standard Treasury Co. (BSTR)a bitcoin
The Treasury vehicle led by the Pioneer of Cryptography Adam Back, considers a company on a mission to accelerate the adoption of real bitcoin.
But it might be to reach another milestone: to become one of the biggest business bitcoins holders.
The company, which is preparing to make public on the NASDAQ by merging with Cantor Equity Partners (Cepo)already has 30,021 BTC on its balance sheet, with plans to increase its battery beyond 50,000 pieces.
This will place him on the way to the potential overtaking of Mara Holdings (Mara) As a second largest BTC company holder behind the strategy. Mara has more than 50,600 BTC, according to BitcoinTareries.net. The strategy has just under 629,000.
Currently, MSTR, Mara and BSR collectively hold around 710,000 bitcoin, which represents around 3.38% of the bitcoin fixed offer of 21 million.
“Liquidity, security and scale”
Unlike certain business treasures of companies that are passively on Bitcoin, BSTR intends to use techniques that include Put sale to accumulate BTC at lower prices, using revolvers supported by Bitcoin and by placing guarantees with regulated tripart guards.
“We are not interested in chasing the DEFI performance or taking risks of counterpart that we cannot manage. These are liquidity, security and scale,” said Back exclusively with Coindesk. “Bitcoin was created as solid money and BSTR is created to bring this same integrity to the markets of modern capital.”
The agreement with Cantor combines, for the first time, the traditional financing of Wall Street with a private placement of Bitcoin Label of equity (PIPE).
In addition to 25,000 BTC brought by the founders of the company, 5,021 other BTC will be noted from the Bitcoin community.
The company also collects up to $ 1.5 billion in FAT funding, the largest hose ever announced alongside a mercoin Treasury spac.
- $ 400 million in equity common to $ 10 per share.
- Up to $ 750 million in convertible higher tickets (30% conversion bonus, $ 13 per share).
- Up to $ 350 million in privileged shares convertible with a 7% dividend and an equivalent conversion price of $ 13 per share.
The CEPO could add up to $ 200 million in its trust, subject to buyouts.
“By obtaining Fiat and Bitcoin funding on the first day, we put an unprecedented firepower behind a single mission: maximizing Bitcoin property by action while accelerating the adoption of real bitcoin,” said Back.
A first for Bitcoin vouchers
The hose in kind allows investors to deliver BTC to closure and potentially capture up before the regulations. Back said that the approach had been designed to appeal to both cryptocurrency and traditional managers who requested an exhibition without delay post-ferme market purchases.
The CIO of the Cabinet Sean Bill, which previously helped an American retirement fund to make one of the first institutional benefits to the BTC, said that the strategy resonated with traditional investors. “We build the Berkshire Hathaway (BRK) de Bitcoin, an actively managed treasure that will continue the yield and alpha strategies, and strategic acquisitions within the Bitcoin ecosystem ”.
“We return the script to Wall Street while we seek to merge bitcoin in capital finances and markets, unlike other cash companies, we do not come to Wall Street in search of fiduciary currency to buy Bitcoin, we present a 25,000 bitcoin commitment and, more importantly, we have published the first bitcoin of all bitcoins kind bitco-bitcoin. That the future of finance works on Bitcoin “,” said Bill in Coindesk exclusively.
Bidging Bitcoin and Wall Street
The management team considers BSTR as a bridge between the Bitcoin ecosystem and the institutional capital markets.
“We bring merchants, we bring bitcoiners to Wall Street,” said Back, noting the potential for the liquidity of the American market to amplify the success of the convertibles labeled by Bitcoin who have already gained ground in Europe.
The agreement should be concluded in the fourth quarter, the company negotiating under the BSTO reserved ticker. If the increase is fully subscribed, the launch could establish a new record of scale for business bitcoin vouchers and offer a model to others who seek to merge money with modern market instruments.
