BitcoinTreasuries lists BSTR fifth with 30,021 BTC despite unresolved deal structure

BitcoinTreasuries ranked Bitcoin Standard Treasury Company fifth among public companies as of July 30, showing 30,021 BTC worth about $1.9 billion, even though the financing and closing mechanics behind that figure remain unsettled. The listing labels the amount as “BTC Holdings” and “Bitcoin Reserve,” but transaction documents describe the coins as contributions planned for a corporate treasury tied to a deal that has not closed on its announced terms. The structure began to shift on July 8, when Cantor Equity Partners I, a publicly traded SPAC (special purpose acquisition company), and BSTR abandoned the original terms and started discussing a revised transaction. The private placements were dropped, CEPO indefinitely postponed its shareholder meeting, and investors received their redemption shares back. The two sides are still negotiating, leaving the proposed Bitcoin treasury as a live test of investor demand rather than a completed balance-sheet transfer. The original July 2025 announcement outlined 25,000 BTC from founding shareholders and 5,021 BTC from an in-kind private investment, with the combined company expected to trade as BSTR after closing. A May 29, 2026 registration statement kept that framework, saying the public company expected to hold at least 30,021.11 BTC at closing, including 25,000 BTC from the seller and 5,021.11 BTC from private-placement investors. Those contributions were expected from BSTR Holdings (Cayman) and the investors through the deal’s closing process. BitcoinTreasuries dates its rounded 30,021-BTC figure to July 22, 2025, updates the dollar value to July 30, 2026, and shows zero purchase events. Its editorial policy says data comes from regulatory filings, audited financial statements, company disclosures, on-chain heuristics (blockchain-based tracing methods) and third-party providers, but does not clarify whether closing-dependent contributions should count as current holdings. Private ownership of the Bitcoin may still rest with the seller and prospective investors. SEC (U.S. Securities and Exchange Commission) disclosures do not establish that BSTR Holdings, CEPO, BSTR Newco or the prospective combined issuer currently owns or controls the 30,021-BTC stack, and a July 9 prospectus supplement disclosed neither agreed replacement terms nor completed Bitcoin contributions. For now, the listing appears closer to a future treasury promise than a finished corporate reserve.