One of the most ambitious Bitcoin treasury mergers ever attempted just hit the reset button. Cantor Equity Partners (CEPO), the SPAC backed by Cantor Fitzgerald, and Bitcoin Standard Treasury Company (BSTR), led by Blockstream co-founder Adam Back, have abandoned their original merger agreement and will negotiate entirely new terms.
The announcement landed on July 8, 2026, roughly a year after the two companies first struck their deal.
What went wrong with the original deal
The original agreement, announced on July 17, 2025, was a blockbuster. BSTR planned to merge with CEPO in a transaction valued at approximately $4 billion, with the Bitcoin firm contributing roughly 30,021 BTC, worth over $3 billion at the time of announcement.
On top of that, the deal included a PIPE financing component of up to $1.5 billion. That made it the largest financing ever tied to a Bitcoin treasury SPAC merger.
