Adam Back’s Bitcoin Standard Treasury Company and Cantor Equity Partners I are revising their planned SPAC merger after abandoning the original deal structure agreed last year.
The companies said they will not complete the transaction under the terms of the July 2025 business combination agreement and are now discussing a revised structure that better reflects current market conditions.
BSTR was expected to go public with more than 30,000 Bitcoin on its balance sheet, making it one of the largest publicly traded corporate Bitcoin holders at launch.
The planned private placement financing tied to the transaction will no longer be required to close. Cantor Equity Partners also postponed its shareholder meeting, previously scheduled for July 10, indefinitely.
Any redemption requests already submitted by shareholders will be cancelled and the shares will be returned, with no further action required from holders.
The change follows a series of delays around the merger vote. Cantor Equity Partners had previously pushed the meeting from June 26 to July 2, and then again to July 10, before the latest postponement.
BSTR first unveiled the merger plan in July 2025 as part of a broader push to bring a large Bitcoin treasury vehicle to public markets. The original structure included plans to raise up to $1.5 billion through a private investment in public equity to fund additional Bitcoin purchases.