Bitcoin · U.S. Treasury · Bitcoin Magazine
Cantor SPAC and Adam Back’s Bitcoin Treasury Renegotiate Merger Terms, Vow New Structure
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Cantor-backed SPAC CEPO and Adam Back's Bitcoin Standard Treasury Company scrapped the original terms of their planned merger and will negotiate a revised structure designed to better reflect current market conditions.
Key facts
- The Securities and Exchange Commission declared the registration statement effective on June 5, 2026, and CEPO mailed its proxy to shareholders that day
- CEPO pushed the shareholder meeting from June 26 to July 2, then to July 10, before the two sides paused the process
- The structure paired Back and Blockstream Capital, who agreed to contribute more than 30,000 bitcoin, with a private investment in public equity of about $1.5 billion
- Cantor Equity Partners the reporter (Nasdaq: CEPO), a special purpose acquisition company backed by an affiliate of Cantor Fitzgerald, and BSTR Holdings said today that they will not complete their proposed
Summary
Cantor Equity Partners the reporter (Nasdaq: CEPO), a special purpose acquisition company backed by an affiliate of Cantor Fitzgerald, and BSTR Holdings said today that they will not complete their proposed bitcoin business combination on the terms set in their July 2025 agreement. The companies said the private placements tied to the original deal will not need to close. The announcement marks a reversal for one of the largest bitcoin treasury deals to reach public markets. The combined entity would launch with 30,021 bitcoin, a stake worth more than $3 billion at the time, and rank among the largest public corporate bitcoin holders.