Speculation Swirls Over Source of BSTR’s 30,021 BTC Treasury

The announcement led to a brief surge in CEPO’s share price to $16.50, before falling back below $11.80. As of publication, shares slid another 3% in intraday trading. Three main factors drove enthusiasm: Adam Back’s role as a pioneer in cryptocurrency, Cantor Fitzgerald’s financial reputation and connections, and the size of assets—30,021 BTC—tied to the deal.

Questions have emerged about the source of this bitcoin. Social media is focused on the 25,000 BTC attributed to “founding shareholders,” with speculation that Tether could be involved due to Cantor Fitzgerald’s previous high-profile deals with Tether and the shared structure between CEPO and CEP. Swan Bitcoin’s Cory Klippsten asked whether Tether was behind the Cayman Islands-based bitcoin, noting that Blockstream may not own such a large quantity of BTC.

The original press release referred to 25,000 BTC coming from “founding shareholders, advised by Blockstream Capital Partners,” but offered no detailed disclosure. No hard evidence was provided to connect the coins directly to Tether or Bitfinex. Instead, observers referenced recent court filings mentioning a lawsuit between Celsius and Tether involving a potential clawback of up to 57,429 BTC, raising concerns about potential future legal encumbrances for BSTR’s bitcoin.

Some industry voices suggested that Blockstream and its early investors, having acquired bitcoin in previous years at much lower prices, could hold enough reserves to account for the 25,000 BTC segment. One commentator noted Blockstream’s history of capital raises and access to low-priced bitcoin since 2014.