Adam Back Says BSTR Could Acquire up to 21,000 Additional Bitcoin Following SPAC Approval

Adam Back, CEO of Blockstream, said that Bitcoin Standard Treasury Company (BSTR) could purchase up to 21,000 additional Bitcoin following completion of its planned SPAC transaction, subject to regulatory approval and shareholder redemptions.

In a comment to BitcoinTreasuries.net, Back stated: “it's safe to say up to 21k BTC at the current BTC price (subject to regulator approval and depending on SPAC redemptions).”

Separately, JAN3 CEO Samson Mow wrote on X that such a purchase could increase BSTR’s total holdings to roughly 51,000 Bitcoin.

Based on currently reported balances, that level would position BSTR among the largest known corporate Bitcoin holders globally, behind Strategy, depending on changes in other firms’ holdings.

Mow said that buying at current price levels could allow BSTR to establish an average cost basis below Strategy’s reported average purchase price of approximately $76,020 per Bitcoin.

He described the current environment as an increasingly competitive phase among public companies seeking to expand their Bitcoin reserves.

If BSTR’s holdings were to reach roughly 51,000 Bitcoin, it would rank among the largest corporate holders globally, based on publicly reported balances.

SPAC Timeline and Market Conditions

Back said the SPAC approval process is advancing and could conclude around April. He noted that lower Bitcoin prices at the time of listing could allow BSTR to accumulate more coins.

“If it holds at this level, that’s actually to our advantage because we go out with a lower reference price and are able to buy more Bitcoin,” Back said.

Bitcoin has declined from its previous cycle high and has experienced recent volatility. Back attributed broader market weakness to geopolitical developments and tariff-related uncertainty.

“Markets generally have been off based on geopolitical uncertainty and news flow about tariffs and things like that,” Back explained. 

“Bitcoin has followed that. In the short term Bitcoin follows along. In the long term it’s decorrelated basically.”

Treasury Companies and Price Dynamics

Back was asked whether the increasing number of Bitcoin treasury companies has influenced recent price declines. 

He said such firms are generally supportive of Bitcoin’s price because they follow a long-term accumulation strategy.

“They try to hold, buy and accumulate as MicroStrategy started some years ago now. And so they're effectively taking Bitcoin off the market… even today, they're buying Bitcoin,” he said.

On whether treasury companies create a downside price floor, Back suggested Bitcoin can appear weaker during downturns because many retail investors are fully allocated and lack additional capital to deploy. 

By contrast, institutional investors may reallocate from other assets when valuations change, which can provide incremental support, though it may also introduce short-term correlations with broader markets.

Back also addressed concerns about synthetic exposure in derivatives markets, stating that such positions are typically arbitraged and do not represent sustained structural short pressure.

Corporate Positioning

Back said BSTR intends to rank among the largest corporate Bitcoin holders following its public debut and referenced ambitions of becoming a “top three” Bitcoin treasury company globally.

The proposed acquisition remains contingent on regulatory approval and the final outcome of the SPAC transaction. No definitive purchase amount has been confirmed.