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BitcoinTreasuries ranks BSTR at $1.9B despite no confirmed BTC purchases
The tracker shows 30,021 BTC worth about $1.9 billion, but SEC filings described closing-dependent contributions and later deal changes left the financing unraveled.
BitcoinTreasuries now ranks Bitcoin Standard Treasury Company fifth among public companies, showing 30,021 BTC worth about $1.9 billion as of July 30, even though its SEC-described structure centered on contributions that depend on deal closing. The tracker labels the figure as “BTC Holdings” and “Bitcoin Reserve,” and notes that there have been zero purchase events.
The underlying disclosures indicate the coins were expected to be contributed through closing mechanics rather than bought outright. An original July 2025 announcement described 25,000 BTC from founding shareholders and 5,021 BTC from an in-kind private investment, with a proposed combined company expected to trade as BSTR after the transaction.
But the path to that reserve changed: on July 8, a publicly traded SPAC, Cantor Equity Partners I (CEPO), and BSTR scrapped the original terms and began discussing a new structure. CEPO postponed its shareholder meeting indefinitely, investors received redemption shares back, and while the parties remain in discussions, the financing behind the reported 30,021-BTC figure has unraveled.
BitcoinTreasuries’ methodology cites regulatory filings, audited financial statements, company disclosures, on-chain heuristics, and third-party providers, though its policy does not clearly address whether closing-dependent contributions qualify as present holdings. A July 9 prospectus supplement disclosed neither replacement terms nor completed Bitcoin contributions, leaving open whether the public entity actually holds or controls the 30,021-BTC stack today.
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