Bitcoin’s BSTR Gears Up for Public Debut Despite Crash: Adam Back’s Take on Crypto Circus

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Markets

What to know:

  • Fronted by bitcoin pioneer Adam “the bank‑jar” Back, Bitcoin Standard Treasury Company (BSTR) is asking shareholders for a yes‑vote by April so it can go public through a SPAC merger with Cantor Equity Partners (CEPO). Think of it as a corporate Las Vegas-just less glitter, more crypto.
  • Back says the recent slide in bitcoin isn’t about regulatory rainchecks but about macro uncertainty-like geopolitics throwing a wrench into the market’s TikTok dance.

Non‑plucky Adam Back, the CEO of BSTR, admits the plunge in bitcoin and the even deeper dive for crypto treasury firms could still mean an IPO as early as April. He’s basically saying, “I’ll make it happen-no fireworks guaranteed.”

The public listing will come via a SPAC merger with Brandon Lutnick’s Cantor Equity Partners I (CEPO). It’s BSTR’s version of a “business‑meets‑circus” spectacle.

BSTR plans to launch with 30,000 bitcoin on its balance sheet-25,000 coming from Back and the founding team, and an additional 5,000 in-kind from early investors. That’s basically a bitcoin buffet for the impatient.

Back announced the merger plans in the summer of 2025, amid a frenzy of hasty crypto treasury companies trying to copy Michael Saylor’s playbook. Like a bad sequel, the scene has since changed dramatically, with bitcoin touching $63,000 and many peer firms vaporizing 90%+ of their value.

When CNBC asked about the downturn, Back pointed out that a weaker bitcoin price could actually help BSTR before its listing. Launching at a lower reference price lets the company snag more bitcoin at discounted levels, potentially bolstering its balance sheet and building long‑term upside when the market improves.

Addressing bitcoin’s recent decline, Back reiterated that the U.S. regulatory backdrop remains “favorable.” The pullback, he says, reflects larger macro factors-geopolitical tensions, tariff uncertainty, and the continual grief of risk assets.

Back added that crypto treasury companies serve as a supportive role in the market. Their core strategy centers on acquiring and holding bitcoin, though he acknowledged that the pace of accumulation slows during bear markets. Ultimately, he said, bitcoin treasury companies are pulling bitcoin off the market, creating a long‑term bullish catalyst-sort of like a “take‑away” service at a dessert buffet.

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2026-02-24 19:49