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Project Overview
Bitcoin Standard Treasury Company (BSTR) is a Bitcoin treasury company whose mission is to accumulate Bitcoin, generate physical Bitcoin gains, and provide Bitcoin-based financial strategy advice to businesses and sovereign states—while measuring its success in the value of each Bitcoin.
Bitcoin Treasury Companies Shift Strategy: Selling BTC, Repaying Debt, and Betting on AI as Stock Plunges Force Strategic Pivot
Odaily News As Bitcoin prices have experienced a significant correction, publicly listed companies that had accumulated large BTC holdings are facing multiple challenges, including falling stock prices, debt pressures, and a deteriorating financing environment. Some of these companies are now starting to sell Bitcoin, repay debts, and even pivot towards artificial intelligence (AI) data center operations.Strategy pioneered the "Digital Asset Treasury (DAT)" model, continuously purchasing Bitcoin through financing and borrowing, inspiring a wave of other listed companies to follow suit. However, as the BTC price has fallen approximately 50% from its peak of around $126,000 in October 2025, the stock prices of related companies have also shrunk significantly, forcing them to reassess their BTC accumulation strategies.This week, shareholders of London-listed company Satsuma Technology approved the liquidation of all 668 BTC, returning capital to shareholders, while proceeding with delisting. Another London-listed company, The Smarter Web Company, sold 178 BTC to repay its convertible debt.Additionally, Sequans Communications has sold 1,025 BTC and further sold nearly 80% of its remaining holdings to repay convertible bonds. The company stated it will not continue purchasing Bitcoin in the future and plans to sell the remaining approximately 658 BTC.Nakamoto's stock price has fallen approximately 99% since its SPAC listing in May 2025. The company recently sold about 284 BTC, raising approximately $20 million for working capital. Of its remaining approximately 5,342 BTC, nearly 70% has been pledged as collateral for loans from Kraken, which market observers believe poses a potential risk event.Meanwhile, Bitcoin mining companies are also adjusting their strategies. Companies like Bitdeer Technologies and MARA Holdings are selling portions of their BTC to repurchase shares, repay debts, and redirect energy resources and computing infrastructure towards AI data center operations.Other companies selling BTC include Empery Digital. Data shows that Strategy has recently sold approximately 3,620 BTC and has authorized further asset sales to maintain its U.S. dollar reserves.However, Strategy remains the world's largest corporate holder of Bitcoin, with holdings exceeding 840,000 BTC. The company's CEO, Michael Saylor, stated that while it may sell some Bitcoin in the future to pay dividends, this does not mean the company is exiting its Bitcoin investment.Beyond asset adjustments, management and capital operations at some Bitcoin treasury companies are also changing. Jack Mallers has stepped down as CEO; and Bitcoin Standard Treasury Company (BSTR), affiliated with Adam Back, failed to complete a proposed merger due to the deteriorating market environment.Analysts believe that with rising financing costs and increased BTC price volatility, the "borrowing to buy Bitcoin" treasury model is undergoing a reshuffle. Some companies are shifting from simply hoard
Adam Back's BSTR Terminates Original SPAC Merger Agreement, Renegotiates Listing Terms with Cantor Equity Partners
According to CoinDesk, Bitcoin Standard Treasury Company (BSTR) and Cantor Equity Partners I (CEPO) announced on July 8, 2026, that both parties will no longer proceed with the transaction under the original merger agreement signed in July 2025, but will instead renegotiate new terms to better reflect the current market environment. Meanwhile, the private investment in public equity (PIPE) arrangement attached to the original merger agreement will no longer be a prerequisite condition for the completion of the transaction. CEPO's shareholder meeting originally scheduled for July 10 has been postponed indefinitely; all redemption requests previously submitted will be cancelled, and the relevant shares will be returned to investors. BSTR initially planned to list via this SPAC merger, at which time its balance sheet would hold over 30,000 Bitcoins, and intended to raise up to $1.5 billion through PIPE financing to increase Bitcoin holdings.
JAN3 CEO: Strategy should do a $1.5 billion OTC BTC trade with BSTR, meeting each other's needs
JAN3 CEO posted on X, stating that Strategy should immediately execute an OTC transaction with BSTR. BSTR could pay Strategy $1.5 billion, helping the latter increase its cash reserves to $2.9 billion. Meanwhile, BSTR could add 25,000 BTC to its existing holdings of 30,021 BTC, boosting its total holdings to 55,021 BTC and jumping to second place in the ranking of Bitcoin treasury companies.Odaily note: BSTR, short for Bitcoin Standard Treasury Company, is a Bitcoin treasury company founded by renowned cryptographer and Blockstream co-founder Adam Back. The company is actively raising funds to continue accumulating BTC.
Related news
Bitcoin Treasury Companies Shift Strategy: Selling BTC, Repaying Debt, and Betting on AI as Stock Plunges Force Strategic Pivot
Odaily News As Bitcoin prices have experienced a significant correction, publicly listed companies that had accumulated large BTC holdings are facing multiple challenges, including falling stock prices, debt pressures, and a deteriorating financing environment. Some of these companies are now starting to sell Bitcoin, repay debts, and even pivot towards artificial intelligence (AI) data center operations.Strategy pioneered the "Digital Asset Treasury (DAT)" model, continuously purchasing Bitcoin through financing and borrowing, inspiring a wave of other listed companies to follow suit. However, as the BTC price has fallen approximately 50% from its peak of around $126,000 in October 2025, the stock prices of related companies have also shrunk significantly, forcing them to reassess their BTC accumulation strategies.This week, shareholders of London-listed company Satsuma Technology approved the liquidation of all 668 BTC, returning capital to shareholders, while proceeding with delisting. Another London-listed company, The Smarter Web Company, sold 178 BTC to repay its convertible debt.Additionally, Sequans Communications has sold 1,025 BTC and further sold nearly 80% of its remaining holdings to repay convertible bonds. The company stated it will not continue purchasing Bitcoin in the future and plans to sell the remaining approximately 658 BTC.Nakamoto's stock price has fallen approximately 99% since its SPAC listing in May 2025. The company recently sold about 284 BTC, raising approximately $20 million for working capital. Of its remaining approximately 5,342 BTC, nearly 70% has been pledged as collateral for loans from Kraken, which market observers believe poses a potential risk event.Meanwhile, Bitcoin mining companies are also adjusting their strategies. Companies like Bitdeer Technologies and MARA Holdings are selling portions of their BTC to repurchase shares, repay debts, and redirect energy resources and computing infrastructure towards AI data center operations.Other companies selling BTC include Empery Digital. Data shows that Strategy has recently sold approximately 3,620 BTC and has authorized further asset sales to maintain its U.S. dollar reserves.However, Strategy remains the world's largest corporate holder of Bitcoin, with holdings exceeding 840,000 BTC. The company's CEO, Michael Saylor, stated that while it may sell some Bitcoin in the future to pay dividends, this does not mean the company is exiting its Bitcoin investment.Beyond asset adjustments, management and capital operations at some Bitcoin treasury companies are also changing. Jack Mallers has stepped down as CEO; and Bitcoin Standard Treasury Company (BSTR), affiliated with Adam Back, failed to complete a proposed merger due to the deteriorating market environment.Analysts believe that with rising financing costs and increased BTC price volatility, the "borrowing to buy Bitcoin" treasury model is undergoing a reshuffle. Some companies are shifting from simply hoard
Adam Back's BSTR Terminates Original SPAC Merger Agreement, Renegotiates Listing Terms with Cantor Equity Partners
According to CoinDesk, Bitcoin Standard Treasury Company (BSTR) and Cantor Equity Partners I (CEPO) announced on July 8, 2026, that both parties will no longer proceed with the transaction under the original merger agreement signed in July 2025, but will instead renegotiate new terms to better reflect the current market environment. Meanwhile, the private investment in public equity (PIPE) arrangement attached to the original merger agreement will no longer be a prerequisite condition for the completion of the transaction. CEPO's shareholder meeting originally scheduled for July 10 has been postponed indefinitely; all redemption requests previously submitted will be cancelled, and the relevant shares will be returned to investors. BSTR initially planned to list via this SPAC merger, at which time its balance sheet would hold over 30,000 Bitcoins, and intended to raise up to $1.5 billion through PIPE financing to increase Bitcoin holdings.
JAN3 CEO: Strategy should do a $1.5 billion OTC BTC trade with BSTR, meeting each other's needs
JAN3 CEO posted on X, stating that Strategy should immediately execute an OTC transaction with BSTR. BSTR could pay Strategy $1.5 billion, helping the latter increase its cash reserves to $2.9 billion. Meanwhile, BSTR could add 25,000 BTC to its existing holdings of 30,021 BTC, boosting its total holdings to 55,021 BTC and jumping to second place in the ranking of Bitcoin treasury companies.Odaily note: BSTR, short for Bitcoin Standard Treasury Company, is a Bitcoin treasury company founded by renowned cryptographer and Blockstream co-founder Adam Back. The company is actively raising funds to continue accumulating BTC.
Cantor Equity Partners I delays shareholder vote on merger with Bitcoin Standard Treasury
Cantor Equity Partners I announced it has postponed the shareholder vote on its proposed merger with Bitcoin Standard Treasury Company, led by Adam Back, with the vote now expected to take place on July 2. Analysts believe this delay means the transaction process will be postponed from its original schedule, and the market will continue to monitor further integration progress and potential structural adjustments between the two parties. (The Block)
SpaceX discloses holding 18,712 BTC, becoming the seventh-largest corporate Bitcoin holder globally
SpaceX, founded by Elon Musk, disclosed in its S-1 filing with the U.S. Securities and Exchange Commission (SEC), prepared for its public listing, that the company currently holds 18,712 BTC.The filing indicates that as of December 31, 2025, the cost basis for this Bitcoin holding was approximately $661 million, translating to roughly $35,000 per coin.Based on its current holdings, SpaceX has become the seventh-largest corporate entity holding Bitcoin globally, trailing only Strategy, 21 Capital, Metaplanet, MARA Holdings, Bitcoin Standard Treasury Company, and Bullish.