Bitcoin Standard Treasury Company (BSTR) Terminates Business Combination, Team Continues Pursuing Active Bitcoin Treasury Management
BSTR Holdings, Inc. (“BSTR”) today announced that it has agreed with Cantor Equity Partners I, Inc. (Nasdaq: CEPO) (“CEPO”) to terminate the business combination agreement dated July 16, 2025.
BSTR noted that Bitcoin and publicly listed Bitcoin treasury vehicles continue to face significant pricing pressure amid challenging market conditions, contributing to dislocations in capital markets and limiting the efficient use of key amplification strategies such as convertible bonds and perpetual preferred equity instruments. BSTR continues to believe that investment opportunities in publicly listed Bitcoin adoption and amplification will re-emerge as market conditions stabilize.
“The teams at CEPO and Cantor have been outstanding partners throughout, and we reached this decision together,” said Dr. Adam Back, CEO and co-founder of BSTR. “Despite current market conditions, we continue to see substantial demand for return on Bitcoin, and we have spent the last year building the capability to deliver it.”
BSTR was created to pursue active Bitcoin treasury management, applying institutional standards to its Bitcoin holdings. That approach included yield strategies, which seek recurring income in fiat and/or in-kind Bitcoin, and alpha strategies, which seek returns above passive Bitcoin holding.
