Bitcoin Standard Treasury Company (BSTR), founded by Blockstream CEO Adam Back, wants to amend the terms of its merger agreement with Cantor Equity Partners in preparation for a public offering.
According to an announcement Wednesday, BSTR and Cantor Equity Partners I, the special purpose acquisition company (SPAC) created by financial services giant Cantor Fitzgerald, scrapped the initial terms of a 2025 merger agreement and will negotiate a new agreement. Although details were not included in the announcement, both companies said they intended to negotiate terms that “better reflect market conditions.”
Source: BSTR
A shareholder meeting scheduled for Friday intended to address the SPAC merger and a public offering has been postponed indefinitely. The companies said they would “provide further details in due course.”
BSTR’s initial agreement included a contribution of over 30,000 Bitcoin (BTC) and $1.5 billion in PIPE (Private Investment in Public Equity) funding. The U.S. Securities and Exchange Commission (SEC) acknowledged the deal’s registration statement in June, and many expect the public offering to follow soon.
Related: Capital B raises $1.3 million from Adam Back for Bitcoin strategy
According to a month of February report of Institutional Investor, Cantor was giving itself “a lot of leeway” in SPAC deals, no longer focusing solely on Bitcoin treasury companies like BSTR and Twenty One Capital, which entered into a $3.6 billion merger deal with Cantor in 2025.
“A Bitcoin cash SPAC doesn’t look so good now,” said Kristi Marvin, founder and CEO of SPACInsider, according to Institutional Investor. “In six months, I don’t know – maybe.”
Securitize went public with Cantor SPAC last week
News of the potential collapse of the BSTR-Cantor merger followed tokenization company Securitize debuting on the New York Stock Exchange (NYSE) after a similar SPAC deal with a Cantor entity.
Securitize, which manages $4 billion in assets, obtained approval of a SPAC deal with the SEC’s Cantor Equity Partners II in June and began trading on the New York Stock Exchange a week after shareholder approval. The shares, trading under the symbol SECZ, fell to $7.42 each on Wednesday, about 40% below their July 2 closing price of $12.30.
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