BitcoinTreasuries has ranked Bitcoin Standard Treasury Company (BSTR) as the fifth-largest public holder of bitcoin, with 30,021 BTC worth roughly $1.9 billion as of July 30, 2026. There's just one problem: that figure is based on a merger deal that fell apart three weeks ago.
The deal that fell apart
The 30,021 BTC was supposed to come from a proposed merger between Cantor Equity Partners I (CEPO) and BSTR. The original agreement, announced in July 2025, called for 25,000 BTC from founding shareholders and another 5,021 BTC from a private investment. But on July 8, 2026, both sides scrapped those terms. The private placements were abandoned, the shareholder meeting was postponed, and investors got redemption shares instead.
Where the 30,021-BTC figure comes from
BitcoinTreasuries dates its 30,021-BTC figure to July 22, 2025 — nearly a year before the deal collapsed. The site updates the dollar value to today, but records zero purchase events. Its editorial policy says data comes from regulatory filings, audited financials, company disclosures, on-chain heuristics, and third-party providers. It doesn't clarify whether contingent contributions — promises tied to a merger — qualify as present holdings.
What the SEC filings show
SEC disclosures don't establish that BSTR Holdings, CEPO, BSTR Newco, or the prospective combined issuer currently owns or controls the 30,021 BTC. The seller and prospective investors may still privately hold the coins. But the financing behind that 30,021-BTC figure has unraveled. The coins aren't on the company's balance sheet.
What happens next
BitcoinTreasuries hasn't updated its listing since the deal was scrapped. The site's methodology doesn't appear to account for contingent assets that never materialized. Whether it will revise the ranking — or leave BSTR at No. 5 with a phantom hoard — is an open question. For now, the company's public bitcoin holdings are effectively zero.
