Adam Back's BSTR and Cantor to revise SPAC merger structure

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.

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.

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