BSTR, the bitcoin treasury company backed by Blockstream CEO and bitcoin pioneer Adam Back, said it will no longer complete its planned public listing through a SPAC merger with Cantor Equity Partners I under the original terms. The two sides said they will not close the transaction as structured in the July 2025 business combination agreement and are now discussing a revised deal framework that better reflects current market conditions.
Original merger structure has been abandoned
The companies said on Wednesday that more details will be disclosed in future filings with the U.S. Securities and Exchange Commission. As part of the change, the previously announced private placement tied to the merger no longer needs to close. CEPO also postponed indefinitely its shareholder meeting that had been scheduled for July 10.
The companies added that all redemption requests submitted by CEPO shareholders will be cancelled and the shares will be returned, with no further action required from investors. That leaves several core steps in the original transaction process on hold while both parties work on new terms.
Talks restart after repeated delays
The update follows a series of delays. In June, CEPO postponed a shareholder meeting to gain more time and extend the redemption deadline. The meeting was later pushed to July 10, but has now been delayed indefinitely.
BSTR had planned to debut with more than 30,000 BTC
BSTR first revealed in July 2025 that it intended to go public through a SPAC merger with Cantor Equity Partners. Under that plan, the company was expected to debut holding more than 30,000 bitcoin, which would have made it one of the largest public corporate bitcoin holders in the world.
The deal also included plans for a PIPE financing of up to $1.5 billion, intended to fund additional bitcoin purchases. Earlier this year, Back told CoinDesk that launching during a weak bitcoin market could allow the company to accumulate bitcoin at lower prices ahead of a potential recovery. CEPO shares continue to trade near $10.50.