Adam Back’s SPAC merger with Cantor Equity Partners could come as soon as April

Bitcoin’s price has been under pressure, and for companies holding the cryptocurrency on their balance sheets, that’s meant a rough ride. But Adam Back, CEO of Bitcoin Standard Treasury Company (BSTR), isn’t flinching. In fact, he sees opportunity where others see crisis.

Speaking with CNBC this week, Back revealed that BSTR is pushing forward with plans to go public via a SPAC merger with Cantor Equity Partners I (CEPO). And if all goes according to plan, shareholder approval could come as soon as April.

The timing might seem odd to some. Bitcoin recently dipped below $63,000, a far cry from its all-time highs. And the broader category of bitcoin treasury companies—those corporate entities that hold large amounts of BTC as a core asset—has been battered. Many have seen their valuations plummet by 90% or more, wiping out billions in investor capital.

But Back isn’t deterred. In fact, he argues that the current environment could work in BSTR’s favor.

“We’re looking at this as a chance to accumulate more bitcoin at a discount,” Back told CNBC. “A lower entry point means we can build a stronger balance sheet before we even list. If the market recovers, that positions us for significant upside.”

BSTR’s strategy is ambitious. The company plans to debut with 30,000 bitcoin on its balance sheet. Of that, 25,000 will come from Back and other founding shareholders, with an additional 5,000 contributed by early investors in-kind. That’s a massive bet on bitcoin’s long-term value—and a clear signal that Back and his team believe the worst may be over for crypto markets.

The plans were first announced in mid-2025, during a surge of interest in bitcoin treasury companies. Many hoped to replicate the success of Strategy (formerly MicroStrategy), the firm led by Michael Saylor that became synonymous with aggressive bitcoin accumulation. But the crypto market’s volatility has made that path rockier than expected.

Back acknowledges the challenges. He notes that bitcoin’s recent decline has come despite what he sees as a favorable regulatory environment in the U.S. Instead, he points to broader macroeconomic factors—geopolitical tensions, tariff uncertainty, and a general risk-off sentiment—as the primary drivers of the sell-off.

Still, he remains bullish on the long-term thesis. Bitcoin treasury companies, he argues, play a crucial role in the market by taking supply off the table. Even if accumulation slows during downturns, the net effect is a reduction in available supply—a dynamic he believes will ultimately support higher prices.

That’s the bet BSTR is making. And with shareholder approval potentially just weeks away, the market will soon find out whether investors are ready to back that vision.

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