BSTR goes public by borrowing a SPAC; the founding team holds 25K shares plus 5K PIPE. We’ll see how it turns out by the end of the month—whether these veteran players’ compliance experiment can run through is more worth watching than the coin price itself.

Led by Adam Back, BSTR is completing a SPAC merger with CEPO, with the de-SPAC target expected to be completed by the end of this month. Public documents show that at the time of listing, BSTR will hold approximately 30,021 BTC, of which 25,000 are from the founding team and 5,021 are from Bitcoin in-kind equity PIPE. If approved by shareholders and regulators, BSTR will be listed on NASDAQ.