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Back remains positive despite the severe price fluctuations in bitcoin and BTC treasury firms.
Key Details:
- Bitcoin pioneer Adam Back is leading the Bitcoin Standard Treasury Company (BSTR), which is pursuing shareholder consent for a potential public listing through a SPAC merger with Cantor Equity Partners (CEPO) as early as April.
- Back indicated that the recent downturn in bitcoin prices is driven by macroeconomic uncertainties rather than regulatory issues.
Despite the decline in bitcoin and the even more severe price movements impacting bitcoin treasury firms, Adam Back, the CEO of Bitcoin Standard Treasury Company (BSTR), asserts that shareholder approval for a public offering could potentially be obtained as soon as April.
The public offering would result from a SPAC merger with Brandon Lutnick’s Cantor Equity Partners I (CEPO).
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BSTR plans to launch with a total of 30,000 bitcoin on its balance sheet, with 25,000 coins contributed by Back and other founding shareholders, and an additional 5,000 BTC provided in-kind by early investors.
The merger proposal was disclosed during the summer of 2025 amidst a surge of rapidly established crypto treasury companies aiming to replicate the success of Michael Saylor’s strategy.
However, since then, the bitcoin price has fallen to $63,000, and the performance of crypto treasury firms has been notably worse, with many significant entities losing 90% or more of investor capital.
In a conversation with CNBC on Monday, Back remarked that a lower bitcoin price could potentially benefit BSTR ahead of its public listing. Launching at a reduced reference price would allow the company to acquire more bitcoin at lower rates, possibly enhancing its balance sheet and increasing long-term benefits if market conditions improve.
Regarding the recent drop in bitcoin, Back pointed out that it took place despite what he views as a favorable regulatory environment in the United States. He connected the decline to wider macroeconomic factors, including geopolitical tensions and uncertainties related to tariffs, which have affected risk assets at large.
Back emphasized that bitcoin treasury firms serve a supportive function in the market. Their primary strategy revolves around acquiring and holding bitcoin, although he recognized that the rate of accumulation typically decelerates during bear markets. Ultimately, he stated that bitcoin treasury firms are removing bitcoin from circulation, which serves as a long-term bullish driver.
