Adam Back’s BSTR Renegotiates SPAC Terms With Cantor

Bitcoin Standard Treasury Company, founded by Blockstream CEO Adam Back, and Cantor Equity Partners I have abandoned the original terms of a 2025 SPAC merger and will seek new terms, the companies announced. A shareholder meeting that had been scheduled for Friday to consider the merger and a related public offering was postponed indefinitely.

The firms said they will negotiate terms that “better reflected market conditions.” The registration statement for the planned transaction was declared effective by the U.S. Securities and Exchange Commission in June, and a public offering had been expected to follow that clearance.

Under the initial agreement, BSTR planned to contribute more than 30,000 bitcoin and to secure $1.5 billion in PIPE financing as part of a deal that would take the company public through Cantor’s SPAC vehicle. With the agreement set aside, the size of the bitcoin contribution, the PIPE commitments and the structure of any offering are now unresolved while the parties renegotiate.

Cantor Equity Partners I is a SPAC affiliate of Cantor Fitzgerald. Cantor previously used SPACs to take other bitcoin treasury companies public, including a $3.6 billion merger completed in 2025. Cantor has also sponsored SPAC transactions for companies in tokens and asset servicing.

A recent Cantor-backed listing, tokenization firm Securitize, began trading on the New York Stock Exchange after SEC approval in June. Its shares, trading under the ticker SECZ, fell to $7.42 on Wednesday, about 40% below a July 2 closing price of $12.30.

Kristi Marvin, founder and chief executive of SPACInsider, observed, “A Bitcoin treasury SPAC doesn’t look so good now,” and expressed uncertainty about their prospects over the coming months.

Both BSTR and Cantor said they will provide further details in due course. For now, the postponement of the shareholder meeting and the decision to renegotiate leave the timing and final terms of any public offering unsettled.