Adam Back's BSTR moving forward with public listing plans, hopes for April approval

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Adam Back's BSTR moving forward with public listing plans, hopes for April approval Back remains optimistic despite the brutal price action in bitcoin and BTC treasury companies. By James Van Straten | Edited by Stephen Alpher Feb 24, 2026, 2:58 p.m. Make us preferred on Google What to know : Led by bitcoin pioneer Adam Back, Bitcoin Standard Treasury Company (BSTR) is seeking shareholder approval as early as April to go public via a SPAC merger with Cantor Equity Partners (CEPO) Back said macro uncertainty, not regulation, is behind bitcoin’s recent slide. Undaunted by the plunge in bitcoin BTC $ 63,304.16 and the even worse price action for bitcoin treasury companies, Adam Back, the CEO of Bitcoin Standard Treasury Company (BSTR), says 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). STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . BSTR intends to debut with 30,000 bitcoin on its balance sheet. Of that total, 25,000 coins will be contributed by Back and other founding shareholders. A further 5,000 BTC will be contributed in-kind by early investors. The merger plans were announced in the summer of 2025 amid a frenzy of hastily formed crypto treasury companies that hoped to mimic the success of Michael Saylor's Strategy. Since, though, the price of bitcoin has crashed to $63,000, and the performance of crypto treasury companies has been far worse, with many prominent ones vaporizing 90% or more of investor capital. Speaking with CNBC on Monday, Back said a weaker bitcoin price could benefit BSTR ahead of its listing. Launching at a lower reference price would enable the company to accumulate more bitcoin at discounted levels, potentially strengthening its balance sheet and increasing long-term upside if market conditions improve. Addressing bitcoin’s recent decline, Back noted that it occurred despite what he characterized as a favorable regulatory backdrop in the United States. He attributed the pullback to broader macroeconomic factors, including geopolitical tensions and tariff-related uncertainty, which have weighed on risk assets more broadly. Back added that bitcoin treasury companies play a supportive role in the market. Their core strategy centers on acquiring and holding bitcoin, though he acknowledged that the pace of accumulation typically slows during bear markets. Ultimately, he said, bitcoin treasury companies are taking bitcoin off the market, which is a long-term bullish catalyst. Bitcoin News Adam Back Bitcoin Treasury Reserve Asset More For You Bitcoin’s U.S. demand signal turns negative for a record 40 days By Shaurya Malwa | Edited by Oliver Knight 17 minutes ago The indicator last printed positive on Jan. 15. Its failure to fully recover after a Feb. 5 rebound suggests U.S. demand remains structurally absent rather than temporarily paused. What to know : The Coinbase Bitcoin Premium Index has stayed negative for 40 straight days, its longest sub-zero streak since 2023, signaling persistent weakness in U.S. demand. While bitcoin has rebounded about 15 percent from its Feb. 5 low and climbed back above $62,000, the U.S.-focused premium has not recovered, implying the recent buying came largely from outside American trading hours and venues. The premium has inched higher from about -0.22 percent to near -0.05 percent, but remains below the positive levels historically associated with sustained accumulation, as U.S. investors show rising skepticism reflected in record domestic Google searches for “bitcoin zero.” Read full story Latest Crypto News Wall Street’s big blockchain win: SEC gives WisdomTree the green light for instant, around-the-clock trading 11 minutes ago Bitcoin’s U.S. demand signal turns negative for a record 40 days 17 minutes ago Mark Zuckerberg's Meta is planning stablecoin comeback in the second half of this year 22 minutes ago Binance brings back tokenized stocks trading with Ondo Finance deal 37 minutes ago CoinDesk 20 performance update: index falls 2% as nearly all constituents decline 42 minutes ago Coinbase adds stock, ETF trading as it expands beyond crypto 1 hour ago Top Stories 'If you’re not accumulating bitcoin at this stage, then when,' asks prominent analyst 1 hour ago Crypto markets bleed as bitcoin hovers above liquidation zone 3 hours ago Putting the treasury to work: The Ethereum Foundation just staked 70,000 ETH to fund its future 4 hours ago Jane Street faces claims of insider trading that sped up Terraform's 2022 collapse 9 hours ago Hong Kong's RedotPay said to plan blockbuster $1 billion IPO in New York: Bloomberg 5 hours ago Step Finance shuts operations after $27 million January hack 4 hours ago In this article BTC BTC $ 63.304,16 ◢ 3,66 %