Various press reports have confirmed that Adam Back is in advanced discussions with Cantor Fitzgerald to form a new publicly traded bitcoin treasury company. The proposed structure would see Back merge his bitcoin treasury company Blockstream with a Cantor Fiztgerald affiliate into a new company called BSTR Holdings. Adam Back will be contributing up to 30,000 BTC to the treasury while Cantor Fiztgerald will be raising up to $800 million in investment. Adam Back or Blockstream are expected to receive up to $3.5 billion in shares of the new company but details have not been confirmed.
Anchorage Digital and Copper are the chosen custodians for the bitcoin treasury for this venture according to press reports. Adam Back is expected to be the CEO of the company and the company’s goal to be eventually listed on the NASDAQ. The deal is being led by Brandon Lutnick, the 27-year-old son of the US Commerce Secretary Howard Lutnick. Howard Lutnick was Chairman, CEO and the majority shareholder of Cantor Fitzgerald.
Press reports describe Adam Back as a “bitcoin pioneer” but the description is rather conservative, considering that Back had a direct involvement in the development of bitcoin’s code with Hal Finney. Bitcoin uses core elements of “Hascash” that was invented by Adam Back. Bitcoin also uses core conceptual elements of “Reusable Proofs of Work” that was conceivably Hal Finney apart from also using digital signature technology similarly used in PGP that was also co-invented by Hal Finney.
Adam Back, along with other early bitcoin pioneers, was a strong advocate for self-custody and independence from financial institutions. Over the years, however, his financial philosophy evolved, eventually embracing the very industry built around his invention, including major institutional players like Tether.
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