The merger between Cantor Equity Partners I Inc. (CEPO) and BSTR Holdings Inc., the Bitcoin treasury company led by Blockstream CEO Adam Back, has hit a speed bump. The shareholder vote originally set for June 26 has been postponed to July 2.
What’s actually happening here
The deal, first reported in July 2025, involves CEPO acquiring approximately 30,000 Bitcoin from Back and Blockstream Capital. At the time of announcement, that stash was valued at over $3 billion.
In exchange, Back’s side receives equity in the newly formed public company. The overall transaction is valued at around $4 billion when you factor in plans to raise additional external capital.
CEPO went public through its IPO in January 2025, raising approximately $200 million. The SPAC was always designed as a vehicle for something bigger, and the BSTR Holdings merger is that something.
