The Bitcoin Standard Treasury Company has canceled its planned business combination with Cantor Equity Partners I, unwinding what would have been one of the most ambitious bitcoin treasury deals ever attempted through a SPAC structure. The original agreement, signed in July 2025, is now dead, though both parties say they’re negotiating revised terms.
BSTR CEO Adam Back announced the decision on July 8, pointing to changing market conditions as the catalyst. The CEPO shareholder meeting has been postponed indefinitely, and the private placements tied to the original deal will not proceed.
What the deal was supposed to look like
BSTR planned to debut on Nasdaq under the ticker BSTR as a dedicated bitcoin treasury vehicle, launching with 30,021 BTC. At the time the deal was structured, that stack was valued at over $3 billion, which would have made it the fourth-largest public bitcoin treasury.
The bitcoin was coming from two sources. Founders contributed 25,000 BTC directly, with an additional 5,021 BTC sourced through an in-kind PIPE arrangement.
