BSTR's $1.9 Billion 'Bitcoin Reserve' Remains a Promise

A corporate filing by BSTR Holdings (Cayman) and its partner Cantor Equity Partners I (CEPO), a publicly traded SPAC, has left some to wonder how their combined 30,021 BTC, valued at around $1.9 billion, ended up in the top corporate rankings without buying a single coin.

The original deal, announced in July 2025, involved founding shareholders contributing 25,000 BTC and private-placement investors adding another 5,021 BTC to create a combined company trading as BSTR after closing.

However, on July 8, the parties scrapped their original terms and began discussing new structures. The private placements fell away, CEPO postponed its shareholder meeting indefinitely, and investors got their redemption shares back.

Despite the changes, BitcoinTreasuries, a tracker that aggregates corporate holdings of BTC, still lists BSTR's 30,021-BTC entry as a 'live reserve' without any proposed or pro forma qualifier, despite SEC filings describing the coins as closing-dependent contributions rather than completed corporate holdings.