BSTR-CEPO Merger: Public Vehicle Backed by 30k BTC — Confirm Reserves First

I view the report that Bitcoin Reserve Company (BSTR) plans to merge and go public with CEPO—and already holds over 30,000 BTC—as a potentially significant development that could create a publicly traded vehicle with substantial crypto backing.

That said, I would demand transparent proof of reserves, audited financials, and clear merger terms before assigning any valuation premium. Regulatory review, custody arrangements, and dilution from the deal are key risk factors that could materially affect returns.