I heard that Strategy sold 25000 units to BSTR through OTC for $1.5 billion in cash, with an average price of approximately $60000. Although this price is lower than the current average MSTR position, considering that MSTR had low-priced positions in the early days, it may not be unacceptable. After OTC, MSTR's cash reserves increased to $2.9 billion, BSTR's Bitcoin reserves increased to 55021 Bitcoin, and OTC's Bitcoin reserves for another BTC reserve will not put pressure on BTC's spot price. The above is not true!! It should be noted that the phrase 'Hear me out' is a literal translation of 'Listen to me first.' However, its actual meaning should be 'I know this idea sounds a bit absurd.' Saying human words means' I have an idea ', so this sentence itself is just a hypothesis and idea, not actually implemented. The Importance of Learning English Well But it doesn't prevent us from understanding who BSTR is. BSTR is a Bitcoin Treasury company preparing to go public through SPAC, with a core model similar to Strategy, both holding BTC on the balance sheet of the listed company. BSTR plans to go public through a merger with Cantor Equity Partners I, Inc. (CEPO), and is expected to use BSTR as the trading code after the merger is completed. CEPO is a SPAC initiated by Cantor Fitzgerald affiliates. The BSTR book plan includes 30021 BTC, of which 25000 BTC comes from the contribution of the founding shareholders, and the remaining 5021 BTC is Bitcoin physical PIPE, which means injecting BTC directly into the financing. In addition, there is a maximum of $1.5 billion in fiat PIPE financing, as well as approximately $200 million in cash from CEPO SPAC. But the key point is that BSTR cannot be fully regarded as a company that has already been listed and operated normally. The latest public information shows that CEPO was originally scheduled to hold a shareholders' meeting on June 26, 2026 to approve the business merger with BSTR, but the meeting has been postponed to July 2, 2026, and the redemption deadline has also been extended to June 30.