The Bitcoin Standard Treasury Company — founded by Blockstream CEO Adam Back — wants new terms for its SPAC merger. It scrapped the original 2025 agreement with Cantor Equity Partners I and will negotiate a fresh one.
Both companies said they intend to work out terms that “better reflected market conditions.” That’s the official line. The details? Those weren’t shared in Wednesday’s announcement.
A shareholder meeting scheduled for Friday was postponed indefinitely. The companies say they’ll “provide further details in due course.”
The original deal was big. BSTR was set to contribute over 30,000 BTC and $1.5 billion in PIPE financing. The SEC recognized the registration statement in June, and many expected the public offering to follow quickly. Not anymore.
Cantor, it turns out, has been giving itself wiggle room in SPAC deals. A February report from Institutional Investor noted Cantor was no longer keeping its sole focus on Bitcoin treasury companies. Twenty One Capital completed a $3.6 billion merger with Cantor in 2025, but things look different now.
“A Bitcoin treasury SPAC doesn’t look so good now,” said SPACInsider founder Kristi Marvin.
The news follows Securitize making its NYSE debut last week after a similar Cantor SPAC deal. Securitize, with $4 billion in AUM, got SEC approval in June and started trading under SECZ. The stock fell to $7.42 on Wednesday — about 40% below its July 2 closing price.
