Bitcoin Standard Treasury Company, the vehicle led by cypherpunk legend Adam Back, is sitting on a war chest large enough to scoop up roughly 23,500 BTC. That would vault it to the number two spot among public Bitcoin treasury companies, trailing only Strategy.

JAN3 CEO Samson Mow dropped the figure on June 23, explaining that BSTR could deploy up to $1.5 billion from its de-SPAC financing to accumulate Bitcoin at current market prices. If executed, the purchase would push BSTR’s total holdings past 53,500 BTC.

The SPAC merger and what comes next

BSTR isn’t technically a public company yet. It’s merging with Cantor Equity Partners I (CEPO), a special purpose acquisition company, to make its public market debut. The shareholder vote on that merger is scheduled for June 26, 2026, just three days after Mow’s announcement.

Assuming shareholders greenlight the deal, BSTR plans to hit the public markets with an initial balance sheet of 30,021 BTC.

The additional 23,500 BTC purchase would come from PIPE financing alongside the SPAC structure. The $1.5 billion figure represents the upper bound of that firepower.

Mow suggested these acquisitions could be completed below Strategy’s average cost basis per Bitcoin.

Adam Back himself had previously indicated a target of acquiring up to 21,000 additional BTC, which would have placed BSTR among the top three Bitcoin treasury holders. The 23,500 BTC figure Mow cited represents an even more ambitious target.

The corporate Bitcoin treasury arms race

BSTR was built from the ground up as a Bitcoin treasury vehicle. Back and BSTR’s leadership team have been vocal about their broader ambitions beyond simply accumulating Bitcoin. They want to develop financial products that help other corporations adopt Bitcoin treasury strategies.

The June 26 shareholder vote is the immediate catalyst. If it passes, expect BSTR to move quickly on accumulation.