BSTR and Cantor Equity End SPAC Merger, Seek New Terms

The Bitcoin Standard Treasury Company (BSTR) and Cantor Equity Partners I have terminated their original merger agreement and are negotiating new terms, indefinitely postponing a shareholder vote that had been scheduled for July 10. The companies announced the move this week, citing a need to align the deal with current market conditions.

The initial agreement, first announced in July 2025, was designed to take BSTR public via a special purpose acquisition company (SPAC) merger. The deal would have seen BSTR contribute over 30,000 bitcoin to its corporate treasury and included plans to raise up to $1.5 billion in private investment in public equity (PIPE) financing to acquire more bitcoin. The Securities and Exchange Commission had acknowledged the registration paperwork for the deal earlier this year.

Under the revised framework now under discussion, the previously announced private placement financing will no longer be a requirement for closing the transaction. Shareholders who had submitted redemption requests will have those requests canceled and their equity positions restored, with no action required on their part. The companies confirmed they are actively working on a...