The Bitcoin Standard Treasury Company (BSTR), founded by Blockstream CEO Adam Back, and Cantor Equity Partners I have mutually agreed to scrap their original 2025 merger agreement. The two companies will now negotiate a new deal structure that better aligns with current market conditions, indefinitely postponing the shareholder vote that was set for July 10.
Under the original proposal, BSTR intended to contribute over 30,000 Bitcoin and raise up to $1.5 billion through private investment in public equity (PIPE) financing. The combination was expected to create one of the largest publicly traded Bitcoin treasury firms. However, changing investor appetite and volatility in the SPAC market have prompted a strategic reassessment.
Neither party disclosed specific changes, but additional information will be provided as discussions progress. This decision follows a broader trend of cooling enthusiasm for Bitcoin treasury SPACs. Cantor Fitzgerald has been expanding its focus beyond Bitcoin-centric entities, while analysts question whether the earlier demand for such structures remains robust. Kristi Marvin, founder of SPACInsider, noted that a Bitcoin treasury SPAC currently appears less attractive, though sentiment could improve in six months.
The delay comes shortly after tokenization platform Securitize successfully completed a SPAC merger with a Cantor entity and listed on the NYSE as SECZ — though its shares have since dropped over 40%. Adam Back himself has argued that launching during a weaker Bitcoin market could actually benefit BSTR by allowing it to acquire Bitcoin at lower prices before any potential recovery.
