Despite the significant drop in Bitcoin’s value, currently at $63,804.18, Adam Back, the CEO of Bitcoin Standard Treasury Company (BSTR), remains optimistic about the company’s future. He has indicated that shareholder approval for a planned public listing through a SPAC merger with Cantor Equity Partners I, led by Brandon Lutnick, could be finalized as soon as April.
BSTR plans to debut with 30,000 Bitcoin on its balance sheet; 25,000 of these coins will be provided by Back and other founding shareholders, with the remaining 5,000 BTC contributed in-kind by initial investors. These merger plans were initially revealed during the summer of 2025 amid a surge of newly established crypto treasury companies aiming to replicate the successful strategies of industry figures like Michael Saylor.
However, the landscape for Bitcoin and crypto treasury companies has shifted dramatically. Since the announcement, Bitcoin’s price has experienced a notable decline, and many cryptocurrency treasury firms have suffered severe losses, with some losing 90% or more of investor capital. Nevertheless, Back expressed a different perspective, stating that the current lower Bitcoin price may ultimately benefit BSTR ahead of its public listing. He contends that this could enable the company to accumulate more Bitcoin at lower prices, thereby potentially bolstering its balance sheet and enhancing long-term prospects if the market conditions improve.
In discussing the recent downturn in Bitcoin’s value, Back pointed to a relatively favorable regulatory environment in the United States, arguing that the price drop is more attributable to broader macroeconomic challenges, including geopolitical tensions and uncertainties related to tariffs, which have adversely impacted risk assets across the board.
Back emphasized the supportive role that Bitcoin treasury companies play in the market. Their strategy revolves around acquiring and holding Bitcoin, although he acknowledged that accumulation tends to slow down during bear markets. He believes that by taking Bitcoin off the market, these treasury companies contribute positively to long-term market dynamics, positioning themselves as potential bullish catalysts for the future.
