A Bitcoin Standard Treasury Company (BSTR), an initiative led by Adam Back, is reshaping the merger plans with the Cantor Equity Partners I after backing out of the structure originally defined for the deal via SPAC. The companies said that the agreement reached in July 2025 will not be completed in the previously planned form and that negotiations continue to establish a new format aligned with current market conditions.
The decision represents a major change for the project, which aimed to take one of the largest Bitcoin treasury companies to public markets. The initial proposal provided that BSTR would debut on the exchange with more than 30 thousand Bitcoins on its balance sheet, positioning itself among the largest publicly traded companies with reserves of the market’s primary cryptocurrency.
As a result of the deal being revised, the private financing that would be part of the transaction is no longer mandatory. This investment would be used to expand Bitcoin purchases before the merger is completed, but now it will depend on the new structure being discussed by the two companies.
Cantor Equity Partners I also announced the indefinite postponement of the shareholders’ meeting that was scheduled for 10 July. As a result, all redemption requests submitted by investors will be automatically canceled, while the shares will return to the accounts of their respective holders without any need for additional procedures.
The change comes after a sequence of postponements involving the vote on the merger. Initially scheduled for 26 June, the meeting was moved to 2 July and, later, to 10 July, until the company decided to suspend the timeline while it evaluates a new proposal for the transaction.
When the project was announced, in July 2025, the expectation was to raise up to US$ 1.5 billion through a private investment in public equity (PIPE). The proceeds would be used mainly to acquire more Bitcoin, consolidating the company’s strategy of acting as a major corporate treasury vehicle based on cryptocurrency.
Although details of the new structure have not yet been disclosed, the revision shows the companies’ intent to adapt the transaction to the changes that have occurred in the market since the original announcement. The expectation remains focused on a public listing capable of keeping BSTR’s proposal of accumulating Bitcoin at scale, even if through a different model than initially planned.