Adam Back's BSTR scraps SPAC merger, seeks new deal

Markets Adam Back's BSTR scraps SPAC merger, seeks new deal BSTR and Cantor Equity Partners will not complete their merger under the original July 2025 agreement, with the shareholder postponed indefinitely. By James Van Straten , AI Boost | Edited by Stephen Alpher Updated Jul 8, 2026, 2:25 p.m. Published 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 Polymarket bets on U.S. marketing blitz to win back trust after 4-year ban: Report 4 hours ago 2 Crypto Long & Short: With MSTR concerns assuaged, look to traditional signals around BTC 4 hours ago 3 Crypto VC Paradigm launches $1.2 billion AI fund as it broadens beyond digital assets 4 hours ago 4 Dinari, tZERO join forces on turnkey platform for tokenized U.S. equities 5 hours ago 5 BNB Chain is building a new layer-1 for high-frequency trading and AI agents 5 hours ago 6 Citadel abandons multi-year crypto lawsuit to focus on bankruptcy order against an ex-employee 7 hours ago 7 SpaceX's first bitcoin wallet movements in six months likely don't signal sales 7 hours ago 8 Bitcoin's inflation quagmire gets stickier as renewed MidEast conflict sends oil price soaring 8 hours ago 9 Crypto and stocks tumble after Trump declares ceasefire 'over' following Iran strikes 9 hours ago 10 Reserve Bank of India still favors crypto prohibition to curtail tax evasion: Reuters 10 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 Polymarket bets on U.S. marketing blitz to win back trust after 4-year ban: Report Crypto VC Paradigm launches $1.2 billion AI fund as it broadens beyond digital assets SpaceX's first bitcoin wallet movements in six months likely don't signal sales