How a $1.9 billion ‘Bitcoin reserve’ ended up in the top corporate rankings without buying a single coin
BitcoinTreasuries ranks Bitcoin Standard Treasury Company fifth among public companies with 30,021 BTC valued at about $1.9 billion, but that figure appears tied to an unfinished transaction rather than completed corporate holdings. The original deal would have combined 25,000 BTC from founding shareholders and 5,021 BTC from private-placement investors into a public company trading as BSTR. On July 8, Cantor Equity Partners I and BSTR abandoned those original terms, canceled the private placements, postponed the shareholder meeting, and returned redemption shares, while discussions on a new structure continued. SEC filings do not show that BSTR Holdings, CEPO, BSTR Newco, or the prospective issuer currently owns or controls the coins. The tracker lists the amount as holdings/reserve without noting that closing has not occurred.
