SpaceX · Bitcoin · U.S. Treasury · CoinDesk
Adam Back's BSTR scraps SPAC merger, seeks new agreement
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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 the reporter (CEPO), with the parties abandoning the original structure agreed last year in an effort to better reflect current market conditions.
Key facts
- 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
- BSTR first unveiled plans in July 2025 to go public through a SPAC merger with Cantor Equity Partners
- 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
- CEPO also indefinitely postponed its shareholder meeting, which had been scheduled for July 10
Summary
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. The companies said Wednesday they will not complete the transaction under the terms of the July 2025 business combination agreement.