Bitcoin Standard Treasury Plans SPAC Merger Despite Price Drop

Bitcoin Standard Treasury Company (BSTR) CEO Adam Back has announced plans to proceed with a SPAC merger with Cantor Equity Partners I (CEPO), aiming for shareholder approval by April. According to ChainCatcher, despite Bitcoin's recent decline to around $63,000, BSTR intends to debut with a balance sheet comprising 30,000 Bitcoins. Of these, 25,000 are provided by Back and founding shareholders, while 5,000 are contributed by early investors. Back views the current lower Bitcoin price as an opportunity for the company to accumulate more Bitcoin at a discounted rate post-listing. He attributes the recent price drop to macroeconomic uncertainties rather than regulatory issues.