Bitcoin treasury firm BSTR will not complete its SPAC merger with Cantor Equity Partners I under the original terms and is now discussing a revised structure.

Bitcoin Standard Treasury Company (BSTR) plans to go public via a SPAC merger, potentially approved by April 2026, holding roughly 30,000 bitcoins on its first trading day. CEO Adam Back sees the current price dip as an opportunity for cheaper accumulation.

Bitcoin Standard Treasury Company CEO Adam Back says shareholder approval could come as early as April via a SPAC merger, with 30,000 BTC initially on the balance sheet.

Blockstream co-founder Adam Back’s bitcoin treasury venture BSTR Holdings and special purpose acquisition company Cantor Equity Partners I said on July 8 they will not complete their merger under the agreement signed in July 2025. A PIPE financing tied to the deal is also no longer required to close, and a shareholder meeting scheduled for July 10 has been postponed indefinitely. Under the original structure, the transaction was supposed to bring 30,021 BTC to the public market, alongside as much as $1.5 billion in fiat PIPE financing, 5,021 BTC in in-kind PIPE commitments, up to roughly $200 million in cash from CEPO depending on redemptions, and 25,000 BTC from founding shareholders. The report argues the main stress point is not bitcoin itself, but the funding model used by listed bitcoin treasury companies. That model depends on a stock market premium over net asset value, often discussed through mNAV, which allows companies to issue shares above the value of their holdings and buy more BTC. With bitcoin around $64,000 and well below the peak cited in the report, that premium has weakened across the sector. The next SEC filing, if the parties reach revised terms, is expected to show how much of the 30,021 BTC target remains, how much investor backing survives, and what price investors now require.

BSTR Holdings, the Bitcoin treasury company led by Blockstream co-founder Adam Back, and special purpose acquisition company Cantor Equity Partners I said on July 8 that they will not complete their merger under the original agreement signed in July 2025. A related private investment in public equity, or PIPE, is also no longer required to close, and a shareholder meeting scheduled for July 10 has been postponed indefinitely. The original deal was supposed to bring 30,021 BTC onto the balance sheet of the public company, alongside as much as $1.5 billion in fiat PIPE financing, 5,021 BTC in in-kind PIPE commitments, 25,000 BTC from founding shareholders, and up to about $200 million in cash from CEPO depending on redemptions. The case has drawn attention because it goes beyond Bitcoin’s price and cuts into the financing structure behind listed Bitcoin treasury firms. The next SEC filing now matters most: it is expected to show how much of the Bitcoin scale remains, how many investor commitments survive, and what valuation new backers are willing to accept in current market conditions.

BSTR Holdings, the bitcoin treasury company led by Blockstream co-founder Adam Back, and special purpose acquisition company Cantor Equity Partners I said they will not complete their merger under the original agreement signed in July 2025. A related private investment in public equity, or PIPE, is also no longer required to close. The companies disclosed the change in a July 8 filing with the U.S. Securities and Exchange Commission, saying they are discussing revised transaction terms that better reflect current market conditions. Under the original structure, BSTR had planned to list with 30,021 BTC on its balance sheet, as well as up to $1.5 billion in fiat PIPE financing, a 5,021 BTC in-kind PIPE, 25,000 BTC from founding shareholders, and as much as roughly $200 million in cash from Cantor Equity Partners I, depending on redemptions. The July 10 shareholder meeting has been postponed indefinitely, and public shares submitted for redemption will be returned. The case has drawn attention because it tests whether the bitcoin treasury company model still works when equity premiums shrink. The next SEC filing is now the key document for investors, as it should show how much of the original bitcoin scale and financing commitments can still be preserved under any revised deal.

Bitcoin Standard Treasury Company (BSTR) will go public via a SPAC merger with Cantor Equity Partners, holding over 30,000 BTC. Led by Adam Back, it aims to be the 4th largest public bitcoin treasury.

Bitcoin pioneer Adam Back’s BSTR plans to go public via a SPAC merger with Cantor Equity Partners I, seeking shareholder approval as early as April. The company is expected to debut with 30,000 BTC and sees the recent price dip as an opportunity to accumulate more.