₿$70,788.36▼ 2.90%

Bitcoin Standard Treasury Company

CEPO🇺🇸Pre-listing

Bitcoin Standard Treasury is a Bitcoin-native company led by Adam Back, going public through a SPAC merger with Cantor Equity Partners. The company holds 30,021 BTC contributed by founders and early investors.

BTC Holdings

30,021 BTC

Insufficient history

Stock Price

$10.60

180d

Total financing

608.80M USD

Insufficient history

mNAV

—

Insufficient history

Leverage

25.0%

180d

Amplification

28.6%

180d

BTC Credit

14 bps3.5x

Total reserve

2.13B USD

Dilution

—

Coverage

197.0 yr

Analytics

In-the-Money

0% ITM

OTM: $608.8M

Maturity Profile

Conv

Nearest: 2.3yrWAM: 2.3yr

BTC Coverage

Capital Stack

3.5x · 14 bps

ConvertiblePreferredOtherBTC NAV: $2.1B

BTC Risk

0.39% avg

P(BTC Rating < 1x at maturity) · 45% vol, 30% ARR

BTC Credit

14 bps avg

Credit spread to offset BTC Risk · 45% vol, 30% ARR

Cumulative Financing Cost

CouponsBSTR-PrefRedemptions

Financials

US-GAAPAnnualAs of 2025-12-31

Balance Sheet

Total Assets$207.7M▲95359.6%

Total Liabilities$14M▲4577.1%

Stockholders' Equity$-16.8M▼20450.5%

Cash & Equivalents—

Total Debt—

Digital Assets—

Income Statement

Revenue—

Operating Income$-973.6K▼1053.5%

Net Income$-6.7M▼7787.2%

Interest Expense—

Cash Flow

Operating Cash Flow$52.6K▲139.2%

Instruments

Total

530.50M USD

Instrument	Term	Coupon	Principal	Outstanding	Conv. price	BTC Rating
BSTR-5Yr	Jul '25 – Apr '31	1%	530.50M USD	530.50M USD	13.00 USD	4.0x
Total				530.50M USD

Disclaimer

Pre-listing: SPAC merger with Cantor Equity Partners (CEPO) pending, expected to trade as BSTR upon closing.