Adam Back's BSTR Drops Original SPAC Terms as Cantor Deal Is Reworked

Adam Back's Bitcoin Standard Treasury Company, known as BSTR, is renegotiating its planned public listing with Cantor Equity Partners I after the companies scrapped the original structure of their SPAC merger. The parties said they will not complete the transaction under the July 2025 business combination agreement and are working on revised terms that they say better reflect current market conditions.

The development matters because BSTR had been positioned as a major public-market bitcoin treasury company. Its original plan included a balance sheet expected to hold more than 30,000 bitcoin, which would have placed it among the largest publicly traded corporate bitcoin holders.

The revised approach also removes a previously announced private placement financing tied to the merger. That PIPE had been intended to raise up to $1.5 billion, with additional capital available for bitcoin purchases, but it is no longer required for the transaction to close.

Cantor Equity Partners I also postponed its shareholder meeting indefinitely. The meeting had been scheduled for July 10 after earlier delays in June, and any redemption requests already submitted by shareholders will be cancelled, with shares returned and no action required from investors.

BSTR first announced its plan to go public through the Cantor SPAC in July 2025. Further details on the revised structure are expected in future filings with the U.S. Securities and Exchange Commission, while CEPO shares continued to trade around $10.50, according to CoinDesk.