Adam Back's BSTR scraps original SPAC terms, seeks new deal

Markets Adam Back's BSTR scraps original SPAC terms, seeks new deal The companies will not complete the transaction under the original July 2025 agreement and the shareholder vote has been postponed indefinitely. By James Van Straten , AI Boost | Edited by Stephen Alpher Jul 8, 2026, 2:17 p.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Summary Show BSTR and Cantor Equity Partners are negotiating revised merger terms after scrapping their original July 2025 merger agreement, citing changing market conditions. The planned PIPE financing has been dropped, and the July 10 shareholder meeting has been postponed indefinitely CEPO shares continue to trade around $10.50. Adam Back's Bitcoin Standard Treasury Company (BSTR), the bitcoin treasury company backed by the Blockstream CEO and bitcoin pioneer, is r enegotiating the terms of its planned public listing through a merger with Cantor Equity Partners I (CEPO), with the parties abandoning the original structure agreed last year in an effort to better reflect current market conditions. The companies said Wednesday they will not complete the transaction under the terms of the July 2025 business combination agreement. Instead, they are discussing a revised structure, with further details expected in future filings with the U.S. Securities and Exchange Commission. As part of the changes, the previously announced private placement financing tied to the merger will no longer be required to close. CEPO also indefinitely postponed its shareholder meeting, which had been scheduled for July 10. Any redemption requests submitted by CEPO shareholders will be cancelled and shares returned, with no action required from investors. The announcement follows a series of delays. In June , CEPO postponed its shareholder meeting to allow additional time and extend the redemption deadline. The meeting was subsequently pushed back to July 10 before being postponed indefinitely. BSTR first unveiled plans in July 2025 to go public through a SPAC merger with Cantor Equity Partners. The company was expected to debut with more than 30,000 bitcoin on its balance sheet, making it one of the world's largest publicly traded corporate bitcoin holders. The transaction also included plans to raise up to $1.5 billion through a private investment in public equity (PIPE), providing additional capital to acquire bitcoin. Earlier this year, Back told CoinDesk that launching during a weaker bitcoin market could ultimately benefit BSTR by allowing it to accumulate bitcoin at lower prices ahead of a potential recovery. CEPO continues to trade around $10.50. Bitcoin News AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . Latest Crypto News 1 BNB Chain is building a new layer-1 for high-frequency trading and AI agents 16 minutes ago 2 Citadel drops U.S. Portofino suit, seeks bankruptcy order against firm's founder in UK 1 hour ago 3 SpaceX's first bitcoin wallet movements in six months likely don't signal sales 1 hour ago 4 Bitcoin's inflation quagmire gets stickier as renewed MidEast conflict sends oil price soaring 3 hours ago 5 Crypto and stocks tumble after Trump declares ceasefire 'over' following Iran strikes 3 hours ago 6 Reserve Bank of India still favors crypto prohibition to curtail tax evasion: Reuters 4 hours ago 7 Validators embrace XRP Ledger's recent upgrade. But not everyone’s on board yet 5 hours ago 8 Live markets: Bitcoin drops to $62,000, stocks slide, oil soars as Iran ceasefire collapses 8 hours ago 9 Bitcoin under pressure as Trump says Iran ceasefire is over 9 hours ago 10 BlackRock-backed Securitize slides 40% after SPAC debut despite tokenization boom 18 hours ago Latest Research SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. By CoinDesk Research Jul 7, 2026 Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. Why it matters : Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B. View Full Report More From Markets SpaceX's first bitcoin wallet movements in six months likely don't signal sales Crypto and stocks tumble after Trump declares ceasefire 'over' following Iran strikes Bitcoin under pressure as Trump says Iran ceasefire is over