Cantor Equity Partners I (Nasdaq: CEPO), a special purpose acquisition company backed by an affiliate of Cantor Fitzgerald, and BSTR Holdings said today that they will not complete their proposed bitcoin business combination on the terms set in their July 2025 agreement. The parties plan to negotiate a revised structure and amended terms that reflect market conditions.
The companies said the private placements tied to the original deal will not need to close. A shareholder meeting for CEPO, set for July 10, moved to a postponed date with no fixed timeline. Public shares submitted for redemption will return to holders, the note said.
The announcement marks a reversal for one of the largest bitcoin treasury deals to reach public markets. When the two firms unveiled the merger in July 2025, they framed a plan to take Bitcoin Standard Treasury Company, led by Blockstream co-founder and cryptographer Adam Back, public on Nasdaq under the ticker BSTR.
The combined entity would launch with 30,021 bitcoin, a stake worth more than $3 billion at the time, and rank among the largest public corporate bitcoin holders.
Adam Back took to X this morning to confirm: “From today’s filing, @bstrco and $CEPO have agreed to work together on and are currently discussing a potential revised structure and amended terms for their previously announced proposed business combination, intended to opportunistically better capitalize on market conditions.”
