Adam Back’s Bitcoin Standard Treasury Company (BSTR) is walking away from its planned SPAC merger with Cantor Equity Partners I (CEPO), at least for now. The companies said Wednesday they won’t complete the transaction under the terms agreed last July. Instead, they are talking about a revised structure. More details should come in future filings with the U.S. Securities and Exchange Commission.
The move effectively scraps the original deal, which Back, a bitcoin pioneer and CEO of Blockstream, had hoped would take BSTR public. The company was expected to debut with more than 30,000 bitcoin on its balance sheet, making it one of the world’s largest publicly traded corporate bitcoin holders. The plan also included raising up to $1.5 billion through a private investment in public equity (PIPE) to buy more bitcoin.
Changes to the Financing and Shareholder Meeting
As part of the changes, the private placement financing tied to the merger is no longer needed to close the deal. CEPO also indefinitely postponed its shareholder meeting, which had been set for July 10. Any redemption requests submitted by CEPO shareholders will be cancelled, and shares will be returned. Investors don’t need to do anything.
This follows a series of delays. In June, CEPO postponed its shareholder meeting to allow more time and extend the redemption deadline. The meeting was then pushed to July 10 before being delayed again, this time indefinitely.
Market Conditions and Bitcoin Strategy
The companies said the original structure no longer reflects current market conditions. Earlier this year, Back told CoinDesk that launching during a weaker bitcoin market could actually help BSTR. He argued it would allow the company to accumulate bitcoin at lower prices before a potential recovery.
BSTR first announced plans in July 2025 to go public through the SPAC merger. At that time, bitcoin prices were higher. Since then, the market has shifted. The decision to walk away from the original deal may signal that BSTR wants to wait for better terms or a more favorable environment for its bitcoin-heavy balance sheet.
CEPO Shares Hold Steady
Despite the uncertainty, CEPO shares continue to trade around $10.50. That’s not far from the typical SPAC price of $10, which suggests investors aren’t panicking. But the indefinite postponement and the abandonment of the original merger structure raise questions about what comes next.
For now, BSTR and CEPO are back to the drawing board. They are discussing a revised deal, but no timeline has been given. The SEC filings will likely provide more clarity in the coming weeks. Until then, the future of Bitcoin Standard Treasury Company’s public listing remains unclear.
