Adam Back, the cryptographer whose work is literally cited in the Bitcoin white paper, wants to build the Warren Buffett playbook for the Bitcoin era. His company, Bitcoin Standard Treasury Company, is positioning itself not as another passive Bitcoin holder but as an active treasury manager that grows Bitcoin per share over time.

The numbers behind the pitch

BSTR Holdings plans to launch with a balance sheet of 30,021 $BTC. At current prices, that stash is worth well north of $3 billion, placing the company among the largest corporate Bitcoin holders on the planet before it even starts trading.

The breakdown is notable: 25,000 $BTC comes from founders, including Back and Blockstream Capital, while 5,021 $BTC stems from what the…