Katherine Dowling, President of Bitcoin Standard Treasury Company (BSTR) – Interview Series

Katherine Dowling, President of BSTR, is a strategic and results-driven executive with more than 25 years of leadership across financial, legal, operational, and compliance functions spanning digital assets, investment management, private equity, and government sectors. She brings deep experience as an Executive Manager, General Counsel, COO, and CCO, with a strong track record shaping corporate and product strategy, building high-performance teams, and leading complex initiatives, including mergers and acquisitions, IPOs, fund formations, and large-scale capital raises. Known for her ability to navigate highly regulated environments, Dowling has advised both pre- and post-SEC-regulated companies, driven policy and governance frameworks, overseen risk and compliance programs, and led high-stakes negotiations supporting sustainable growth and long-term stakeholder value.

Bitcoin Standard Treasury Company (BSTR) is a bitcoin-focused treasury company designed to maximize bitcoin ownership per share while accelerating institutional adoption of bitcoin. The company combines large-scale, programmatic bitcoin accumulation with active treasury management and the development of bitcoin-native financial infrastructure, positioning itself as a bridge between traditional capital markets and bitcoin’s emerging role in institutional finance.

You’ve spent years working across digital assets and investment management, including your leadership role at Bitwise. What originally drew you toward Bitcoin as a focus area, and how did that interest ultimately lead you to take on the role of President at BSTR?

My interest in crypto, Bitcoin in particular, is a natural evolution of the many years I spent in technology. During my years in finance, first as a banker and later in private equity, I have personally witnessed the growth of several new technologies and their ability to completely change the business landscape. With each new technology, there were the advocates as well as the doubters, or what I like to call the ostriches, which also holds true for digital assets. Of these new technologies I have witnessed evolve, I believe Bitcoin has the biggest game-changing potential of all of them.

Your background spans law, private equity, compliance, and executive leadership. How have those experiences shaped the way you approach leading a bitcoin-treasury company today?

I have had an opportunity in my career to go deep in several different areas across a number of disciplines at companies that have varied in size from a start-up of two to too many to count, which I like to think gives me some breadth and depth of experience in my arsenal. From a leadership standpoint, I understand the importance of fostering company culture and communication, as well as being vigilant about looking out at the horizon and planning. I have seen the blind spots that can occur at founder-run companies as well as the obstacles that can crop up at larger organizations. 

BSTR is focused on maximizing bitcoin ownership per share and accelerating institutional bitcoin adoption. What does meaningful, real-world adoption look like to you over the next year?

Our high-level goal is to further and foster the adoption of Bitcoin. Over the last two years, significant steps have been made toward increasing the reach of Bitcoin, including several improvements in the regulatory landscape and an increasing number of Bitcoin-based products that have helped to shape and expand the ecosystem. The success of the spot bitcoin ETFs, which have pulled in over $50 billion since their January 2024 launches, followed by the “add-ons” of options trading and in-kind subscriptions/redemptions, has also contributed to opening the doors to more institutional capital. Over the next year, I expect these factors to continue to draw in institutional capital and also expect we will continue to see the adoption of state and federal bitcoin reserve plans and an increasing number of bitcoin-related financial products, as well expanding the ecosystem. 

What led BSTR to choose a public-company path through a SPAC and PIPE structure, and what challenges did you weigh when deciding on that route?

Access to the public capital markets is a core requirement of our strategy. Doing so through an SPAC was the most efficient means to achieve that objective. Public companies are also subject to strict regulatory and reporting obligations that tie into the ethos of transparency, “don’t trust, verify” of Bitcoin, 

BSTR launched with one of the largest public bitcoin treasuries. How do you balance programmatic accumulation with prudent risk management during volatile market cycles?

Upon completion of the business combination, BSTR is expected to be an operating company focused exclusively on business lines relating to Bitcoin. The Company’s strategy is to offer public-market investors a differentiated, capital-efficient way to gain exposure to Bitcoin through (i) large-scale programmatic accumulation of Bitcoin, (ii) active treasury management intended to compound Bitcoin per share over time, (iii) the development and provision of services relating to Bitcoin-focused infrastructure designed to expand the Bitcoin capital-markets opportunity set.

Transparency and audit rigor have become central issues for bitcoin-holding companies. How is BSTR approaching reserve reporting, governance, and investor assurance?

BSTR will institute transparent as well as best-in-class governance, reporting and audit policies both at the board and operating level. We will be focused on robust internal controls, independent verification of our measures, as well as the implementation of a vigorous diligence process for third-party providers, among other policies.

The bitcoin-treasury landscape is becoming more competitive. What do you see as BSTR’s strongest differentiators in both structure and long-term strategy?

Due to the depth and breadth of Adam Back’s involvement in Bitcoin, BSTR has the deepest ties to the Bitcoin community relative to our peers. Beyond our large size at launch, we see our additional differentiators stemming from his vast experience, connectivity to the bitcoin community, and the strength of the veteran management team we are building to execute on our strategy. 

Some public companies holding bitcoin trade below the value of their assets. How do you plan to articulate BSTR’s long-term value to investors to avoid similar disconnects?

Those companies may ultimately be excellent acquisition candidates down the line. BSTR will be doing more than ‘buy and hold’ accumulation. BSTR will be actively and prudently managing bitcoin holdings as well as seeking alpha through additional opportunities, whether products or services, to expand BSTR’s investment opportunity set.  

Bitcoin’s ethos is rooted in decentralization. How does BSTR align institutional governance with a philosophy often associated with individual sovereignty and minimal central control?

These philosophies do not have to be mutually exclusive. BSTR plans to help bridge the gap between traditional finance and Bitcoin while staying true to the important fundamentals of transparency and verifiable mechanisms. Trad-Fi is adopting Bitcoin because of its decentralized properties, including immutability and scarcity, not to overwrite them. These institutions entering the space are the users, not the owners of the network. Broader participation and integration of Bitcoin into the global economy diffuses the ownership across a wider base, which in turn increases the decentralization of Bitcoin. 

Looking ahead, where do you envision BSTR in five years — in terms of its bitcoin holdings, business expansion, and influence on institutional adoption?

As our CIO, Sean Bill has previously articulated, BSTR plans to be the “Berkshire Hathaway” of bitcoin. In five years, our vision for BSTR is as a large, financially sound holding company built on the foundation of long-term, fundamental value investing around bitcoin businesses, guided by a prudent and disciplined capital allocation strategy.