Adam Back’s Bitcoin Treasury Company Seeks New Terms with Cantor for SPAC Merger

The Bitcoin Standard Treasury Company and Cantor Equity Partners I announced that they were looking into amending the terms of a 2025 merger deal that “better reflected market conditions.”

The Bitcoin Standard Treasury Company (BSTR), founded by Blockstream CEO Adam Back, wants to change the terms of its merger agreement with Cantor Equity Partners for a public offering.

According to a Wednesday announcement, BSTR and Cantor Equity Partners I, the special purpose acquisition company (SPAC) created by financial services giant Cantor Fitzgerald, scrapped the original terms of a 2025 merger agreement and will negotiate a new deal. Although the details were not included in the announcement, both companies said that they intended to negotiate terms that “better reflected market conditions.”

A shareholder meeting scheduled for Friday intended to address the SPAC merger and a public offering was postponed indefinitely. The companies said that they would “provide further details in due course.”

BSTR’s initial deal included contributing more than 30,000 Bitcoin (BTC) and $1.5 billion in PIPE (Private Investment in Public Equity) financing. The US Securities and Exchange Commission (SEC) recognized the registration statement for the agreement in June, with many expecting the public offering soon to follow.

Related: Capital B raises $1.3M from Adam Back for Bitcoin strategy

According to a February report from Institutional Investor, Cantor was giving itself “a lot of wiggle room” in SPAC deals, no longer keeping its sole focus on Bitcoin treasury companies like BSTR and Twenty One Capital, which completed a $3.6 billion merger deal with Cantor in 2025.

“A Bitcoin treasury SPAC doesn’t look so good now,” said SPACInsider founder and CEO Kristi Marvin, according to Institutional Investor. “Six months from now, I don’t know — maybe.”

The news of the BSTR-Cantor merger potentially falling apart followed tokenization company Securitize making its debut on the New York Stock Exchange (NYSE) after a similar SPAC deal with a Cantor entity.

Securitize, which has $4 billion in assets under management, got approval for a SPAC deal with Cantor Equity Partners II from the SEC in June and began trading on the New York Stock Exchange a week after shareholders signed off. The shares, trading under the ticker SECZ, fell to $7.42 apiece on Wednesday, about 40% below its July 2 closing price of $12.30.

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