Just when you thought you'd seen the last of the Bitcoin treasury play, here comes Adam Back and Howard Lutnick:

Named Bitcoin Standard Treasury Company, or BSTR, the company is coming public via a SPAC merger with Brandon Lutnick's Cantor Equity Partners 1.

I don't see what is going to differentiate this from any of the others.

According to plans, the firm would debut with over 30,000 BTC, over $3.5 billion at current prices, on its balance sheet, immediately making BSTR the fourth-largest holder of bitcoin among publicly traded companies. The firm is also raising up to $1.5 billion in financing through a private placement in public equity (PIPE). At current prices, that $1.5 billion would buy more than another 12,500 bitcoin, potentially moving BSTR into the number three spot, behind just Strategy's mammoth 601,000 coins and MARA Holdings' 50,000.

That initial bitcoin stash comes from founding shareholders including Back contributing 25,000 BTC, plus 5,021 BTC in-kind contribution from early investors.

I can't find a tether connection, but Brandon Lutnick being involved makes me think there must be.