BSTR Abandons Original SPAC Merger Plans, Seeks New Deal with Cantor Equity Partners

Adam Back's Bitcoin Standard Treasury Company (BSTR) has abandoned its original plans to go public through a SPAC merger with Cantor Equity Partners I, citing changing market conditions.

The companies will not complete the transaction under the terms of their July 2025 business combination agreement and are instead renegotiating revised merger terms.

BSTR had initially planned to debut as one of the world's largest publicly traded corporate bitcoin holders with more than 30,000 bitcoins on its balance sheet, raising up to $1.5 billion through a private investment in public equity (PIPE) to acquire additional bitcoin.