Adam Back, the CEO of Blockstream, who was named by the New York Times as the most likely candidate behind Satoshi Nakamoto, may have been acting for more practical reasons in his collaboration with the research.

Several industry figures are now hinting that Back used international media visibility as free advertising for Bitcoin Standard Treasury Company (BSTR), his Bitcoin (BTC) holding company that is preparing for a public listing.

Did Adam Back use the NYT Satoshi story as free BSTR advertising?

Investigative journalist John Carreyrou, who made the explosive revelation, said that Back agreed to pose for a photo for NYT in Miami weeks before the article's publication.

“If you are going to list the company on the stock exchange, this is some damn good PR. Especially when the costs are practically zero,” commented ETF analyst James Seyffart.

Timing matters, as BSTR finalizes the SPAC merger with Cantor Equity Partners I. The deal includes a $1.5 billion PIPE, which is the largest ever announced for a Bitcoin reserve platform.

BSTR plans to start with a balance of over 30,000 BTC, which would elevate it to the top tier of public Bitcoin holders.

The merger was originally expected to conclude in the first quarter of 2026, provided that the SEC's review and shareholder approval are obtained.

It is unclear whether the moment was planned or just a coincidence, but the Satoshi publicity hit at a commercially very opportune time.