The Bitcoin Standard Treasury Company (BSTR), led by Blockstream CEO Adam Back, has decided to renegotiate its special purpose acquisition company (SPAC) merger agreement with Cantor Equity Partners. The original deal, slated for 2025, was terminated as both parties aim to establish new terms that reflect evolving market realities.
Under the initial agreement, BSTR planned to contribute over 30,000 Bitcoin (BTC) alongside $1.5 billion in PIPE financing. The U.S. Securities and Exchange Commission (SEC) had approved the registration statement for this arrangement earlier, signaling an impending public offering. However, a shareholder meeting intended to discuss the merger and offering was postponed indefinitely amid this development.
The SPAC, Cantor Equity Partners I, was created by financial services firm Cantor Fitzgerald. Industry observers have noted that Cantor has broadened its SPAC strategy beyond Bitcoin treasury firms like BSTR and Twenty One Capital, the latter having completed its own multibillion-dollar merger with Cantor in 2025. Market skepticism has grown around Bitcoin treasury SPACs, citing uncertain investor appetite and shifting valuations.
Recently, a related Cantor-backed SPAC deal saw tokenization firm Securitize go public on the New York Stock Exchange. Although approved by the SEC and launched successfully, Securitize’s stock has since dropped significantly below its initial post-merger price, highlighting volatility concerns within this niche of the market.
BSTR and Cantor Equity Partners stated they will provide further details about the renegotiated merger in due course, indicating ongoing discussions to arrive at a mutually acceptable framework. This move underscores the broader caution among SPAC participants as they recalibrate strategies amid dynamic economic and regulatory landscapes.