Adam Back‘s BSTR Holdings scrapped its SPAC merger with Cantor Equity Partners I (NASDAQ:CEPO) Wednesday after failing to raise $1.5 billion in financing.
What Fell Apart And Why
Bloomberg reported on Wednesday that BSTR and Cantor first agreed to merge in July 2025, with BSTR expected to debut with more than 30,000 Bitcoin (CRYPTO: BTC) on its balance sheet, making it one of the largest publicly traded corporate Bitcoin holders.
The deal included plans to raise up to $1.5 billion through private investment in public equity financing to buy more Bitcoin.
The financing never came together.
