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Even Satoshi's old comrade couldn't get listed. Adam Back. The cryptography legend personally cited by Satoshi in the whitepaper.
He launched a Bitcoin treasury company, BSTR, aiming for a SPAC listing, with Cantor—a storied name on Wall Street—as the counterparty. Today, the merger fell through. The original agreement was scrapped, the shareholder meeting postponed indefinitely, and they're now looking for a new buyer.
This is already the third blow to the Bitcoin hoarding sector this month. Strategy, the godfather of BTC accumulation, started selling last week—3,588 coins.
Shareholders are now voting with their feet against any company that funds BTC buys via dilution.
Now, even Adam Back's pedigree can't piece together a listing.
A year ago, any company that announced a Bitcoin purchase would see its stock price rally for three days. Now, a legend comes knocking with Bitcoin, and capital says: hold on for now.
It's not that Bitcoin is down; it's that the "buy and wait for the pump" business model can no longer raise fresh money.
When the tide goes out, those who live off the tide are the first to drown.