Bitcoin pioneer Adam Back's BSTR plan will launch in April, holding 30,000 bitcoins

According to market news, Bitcoin Standard Treasury Company (BSTR) CEO Adam Back stated that despite the recent drop in Bitcoin prices to around $63,000, the company still plans to go public through a merger with Cantor Equity Partners I (CEPO) via SPAC, with shareholder approval expected as early as April this year.

BSTR will debut with a balance sheet of 30,000 Bitcoins, of which 25,000 will be provided by Back and founding shareholders, and 5,000 will be contributed in kind by early investors. Back believes that the current lower Bitcoin prices are actually beneficial for the company to accumulate more Bitcoins at a discounted price after going public. He attributes the recent decline in Bitcoin to macroeconomic uncertainty rather than regulatory issues.