BSTR Holdings
TerminatedPre-revenueFinancials · Bitcoin treasury management and financial infrastructure · Wilmington, United States · founded 2025
- What it is
- Pre-closing: none - a newly formed holding shell. Post-closing: accumulate and hold Bitcoin as the primary treasury asset, measure success in Bitcoin per share, generate in-kind BTC yield, and sell Bitcoin-treasury advisory/capital-markets services; capitalized by contributed BTC, PIPE cash/notes/preferred and SPAC trust.
- What it’s doing now
- Merging with Cantor Equity I (CEPO) — terminated, announced Jul 16, 2025; shareholder vote Jul 10, 2026.
- What you should know
- It reports no meaningful revenue yet — this deal is priced on a story, not on financials.
The business, per its filings
SEC primaryA Bitcoin standard treasury company that accumulates, safeguards, and compounds Bitcoin for shareholders. It operates as a trusted institutional partner to help corporates and sovereigns integrate Bitcoin into their reserves while actively shaping Bitcoin's transition into a native financial layer through yield generation and capital market structuring.
Source: 425, accession 0001213900-26-076830 · as of Jun 5, 2026 · extraction confidence: high
What the company says about itself
Web research — not auditedbstr.com presents the executive team (Back/Dowling/Bill/Stefanowski) and the 'Bitcoin Treasury Model' pitch; tracker sites list BSTR at 30,021 BTC (~$1.9B at the current ~$63k BTC price). Press (CoinDesk, 24-Feb-2026): Adam Back said shareholder approval could come 'as early as April' 2026 despite BTC's slide and the collapse of many copycat treasury companies; DEFA14A supplements ran through July 2026 and the deal remains unclosed as of 2026-08-15.
- Markets:
- Bitcoin treasury; Bitcoin capital markets; treasury advisory
Source: https://bstr.com · captured Aug 15, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
BSTR Holdings is merging with Cantor Equity I (CEPO), a $200M SPAC currently marked Deal terminated and trading at $10.76 against $10.71 in trust per share.
| Headline equity value | — |
| Effective valuation (all shares) | $3.0B |
| Sponsor promote | 19.6% |
| PIPE | ≈ $59M · unsourcedcommon@10.00 cash equity PIPE, plus separate bitcoin-contribution (BTC equity) PIPE tranches |
| Pro-forma shares | 296.4M |
Structure per SEC accession(s) 0001213900-26-065889, 0001213900-26-051590, 0001213900-25-066727. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
BSTR Holdings, Inc. (Bitcoin Standard Treasury Company) has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials.
The company reports no meaningful sales yet, so there is nothing to divide the price by.
No announced deal value, so there is no price to divide.
No meaningful revenue in the most recent reported period.
Not computable — the filings show no meaningful revenue for the most recent reported period.
$1 of their sales costs $109.39 on the open market. Median of 3 listed companies we judged a true comparable, which individually run from 7.08× to 174.76×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- No announced deal value — nothing to strike a multiple on.
- NAKA, XXI, SMLR, IPO-VALY, 3350.T, ABTC, DTCX, BANX, ANY, CAN, RIOT, AVX, PWCM have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| MSTR | Strategy Inc | $36.6B | 109.4x | — | Strategy (MicroStrategy) invented the leveraged corporate-Bitcoin-treasury model BSTR explicitly emulates - the category's valuation anchor for BTC-per-share vehicles.more ▾less ▴ |
| NAKA | Nakamoto Inc | $154M | — | — | Direct comp: Blockchain & Cryptocurrency (NEC); micro-cap ($154m); shares bitcoin, treasury, btc, advisory, native, strategy with the target's own description; forward EV/Sales 5.3x.more ▾less ▴ |
| XXI | Twenty One Capital, Inc. | $1.7B | — | — | Twenty One Capital is the other Cantor-sponsored Bitcoin treasury SPAC creation (via Cantor Equity Partners) - the nearest structural sibling with the same sponsor and playbook.more ▾less ▴ |
| SMLR | — | — | — | — | Semler Scientific pivoted to a Bitcoin-treasury strategy layered on a small operating business - a listed mNAV comparable at smaller scale. |
| BMNR | BitMine Immersion Technologies, | $10.7B | 174.8x | — | Operational comp: Blockchain & Cryptocurrency (NEC); mid-cap ($7.6bn); shares bitcoin, btc, accumulation, treasury, advisory, digital with the target's own description; forward EV/Sales 85.4x.more ▾less ▴ |
| MARA | MARA Holdings, Inc. | $3.6B | 7.1x | — | MARA Holdings holds one of the largest corporate BTC stacks (miner-accumulator) - benchmarks how the market prices large listed Bitcoin balance sheets.more ▾less ▴ |
| IPO-VALY | CoinShares Bitcoin ETF | — | — | — | Operational comp: Blockchain & Cryptocurrency (NEC); shares bitcoin, does, trust, not, operations, company with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| 3350.T | METAPLANET INC | — | — | — | Metaplanet is the flagship non-US pure Bitcoin-treasury listco; JPY quote so multiples are excluded, included for completeness of the treasury cohort. |
| ABTC | American Bitcoin Corp | $1.6B | — | — | Operational comp: Cryptocurrency Mining; small-cap ($1.6bn); shares bitcoin, accumulation, agreement, alpha, operate, digital with the target's own description; forward EV/Sales 1.7x.more ▾less ▴ |
| DTCX | Datacentrex Inc | $84M | — | — | Operational comp: Blockchain & Cryptocurrency (NEC); micro-cap ($84m); shares bitcoin, treasury, btc, yield, digital, asset with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| BANX | ArrowMark Financial Corp. | $170M | — | — | Operational comp: Closed End Funds; micro-cap ($170m); shares convertible, notes, least, capital, preferred, common with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| ANY | Sphere 3D Corp | $10M | — | — | Operational comp: Cryptocurrency Mining; micro-cap ($10m); shares bitcoin, digital, asset, operations, with, for with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| CAN | Canaan Inc | $461M | — | — | Operational comp: Blockchain & Cryptocurrency (NEC); small-cap ($461m); shares bitcoin, back, products, inc, for, its with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| RIOT | Riot Platforms, Inc. | $4.7B | — | — | Operational comp: Cryptocurrency Mining; mid-cap ($4.7bn); shares bitcoin, assets, markets, digital, products, inc with the target's own description; forward EV/Sales 11.2x.more ▾less ▴ |
| AVX | AVAX One Technology Ltd | $141M | — | — | Operational comp: Cryptocurrency Mining; micro-cap ($141m); shares bitcoin, accumulation, treasury, yield, strategy, digital with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| PWCM | PowerCompute Inc | $6M | — | — | Operational comp: Blockchain & Cryptocurrency (NEC); micro-cap ($6m); shares bitcoin, treasury, under, business, operations, inc with the target's own description; forward EV/Sales 1.7x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is BSTR Holdings going public?
BSTR Holdings has a signed merger with the SPAC Cantor Equity I (CEPO), announced Jul 16, 2025. Deal status: Terminated.
Was BSTR Holdings bought at an expensive or a cheap valuation?
BSTR Holdings, Inc. (Bitcoin Standard Treasury Company) has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials.
Does BSTR Holdings have revenue?
No meaningful reported revenue in its most recent filed period — the deal is priced on a story and projections, not on financial results. Treat every valuation multiple accordingly.
Educational content, not investment advice.
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