Adam Back’s Bitcoin treasury ambitions are running a few days behind schedule. The shareholder vote on the planned merger between Bitcoin Standard Treasury Company and Cantor Equity Partners I has been pushed from June 26 to July 2, 2026, with private placement matters cited as the reason for the delay.
What the deal actually is
The merger pairs BSTR Holdings, the vehicle behind Adam Back’s Bitcoin treasury play, with Cantor Equity Partners I, a SPAC trading under the ticker CEPO. The combined entity is expected to list on Nasdaq under the ticker BSTR.
The transaction is valued at roughly $4 billion. Up to $1.5 billion of that comes through PIPE financing, which stands for Private Investment in Public Equity. Approximately $600 million of that PIPE financing includes 5,021 BTC contributed in-kind, meaning some investors are not writing checks but handing over actual Bitcoin.
The proposed treasury at launch sits at 30,021 BTC, contributed primarily by Back and Blockstream, the Bitcoin infrastructure company he leads as CEO.
