TLDR
- The Bitcoin Standard Treasury Company and Cantor Equity Partners I are scrapping their original 2025 merger agreement.
- Both companies plan to negotiate new terms that better reflect current market conditions.
- A shareholder meeting set for July 10 has been postponed indefinitely.
- The original deal included more than 30,000 bitcoin and up to $1.5 billion in private investment funding.
- Securitize recently completed a similar SPAC merger with a Cantor entity and began trading on the New York Stock Exchange.
The Bitcoin Standard Treasury Company, known as BSTR, is changing course on its plan to go public. The company, founded by Blockstream chief executive Adam Back, announced Wednesday that it will not move forward with its original merger agreement.
LATEST: ⚡️ Adam Back's Bitcoin Standard Treasury Company and Cantor Equity Partners have scrapped their 2025 SPAC merger terms to renegotiate a deal that "better reflects market conditions." pic.twitter.com/B5iqJlPKJu
— CoinMarketCap (@CoinMarketCap) July 9, 2026
That agreement was signed in July 2025 with Cantor Equity Partners I. It was meant to take BSTR public through a special purpose acquisition company, or SPAC.
Both sides said they are now working on a new deal structure. They said the change reflects current market conditions, though neither company shared specific details.
A shareholder meeting had been scheduled for July 10 to vote on the merger. That meeting has now been postponed indefinitely.
What the Original Deal Included
The original agreement was large in scope. BSTR planned to bring more than 30,000 bitcoin onto its balance sheet as part of the transaction.
The deal also included plans to raise up to $1.5 billion through private investment in public equity, known as PIPE financing. That money would have helped BSTR buy more bitcoin after going public.
The U.S. Securities and Exchange Commission recognized the registration statement for this deal back in June. At that point, many expected the public listing to follow soon after.
Under the new terms being discussed, the private placement financing tied to the original deal will no longer be required to close. Any shareholders who had already submitted redemption requests will have those cancelled, and their shares returned. Investors do not need to take any action.
This is not the first delay for the deal. In June, the shareholder meeting was pushed back once already to allow more time and extend the redemption deadline.
Other Cantor SPAC Deals
Cantor Fitzgerald has been working on several SPAC deals involving digital asset companies. Twenty One Capital completed a $3.6 billion merger with a Cantor entity in 2025.
A report from Institutional Investor in February suggested Cantor was broadening its approach to these deals rather than focusing only on bitcoin treasury firms.
SPACInsider founder Kristi Marvin was quoted saying a bitcoin treasury SPAC does not look as appealing right now. She added that view could change within six months.
Tokenization company Securitize also went public through a Cantor SPAC deal last week. Securitize has $4 billion in assets under management and received SEC approval in June for its merger with Cantor Equity Partners II.
Securitize began trading on the New York Stock Exchange under the ticker SECZ shortly after its shareholders approved the deal. The stock has since dropped. Shares fell to $7.42 on Wednesday, about 40% below the July 2 closing price of $12.30.
Back has previously said that launching during a weaker bitcoin market could actually help BSTR. He argued it would let the company buy bitcoin at lower prices before any future price recovery.
As of Wednesday, Cantor Equity Partners I shares continued trading around $10.50.
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