Karla Barker 
Adam Back’s Bitcoin Standard Treasury Company (BSTR) has backed out of its planned merger with Cantor Equity Partners I (CEPO). The companies said Wednesday they will not complete the transaction under the terms originally agreed in July 2025. They are now discussing a revised structure to better reflect current market conditions. Further details are expected in future filings with the U.S. Securities and Exchange Commission.
As part of the changes, the previously announced private placement financing tied to the merger will no longer be required to close. CEPO has also indefinitely postponed its shareholder meeting, which had been scheduled for July 10. Any redemption requests submitted by CEPO shareholders will be cancelled, and shares will be returned. No action is required from investors.
This announcement follows a series of delays. In June, CEPO postponed its shareholder meeting to allow additional time and extend the redemption deadline. The meeting was then pushed back to July 10 before being postponed indefinitely.
What was the original plan?
BSTR first unveiled plans in July 2025 to go public through a SPAC merger with Cantor Equity Partners. The company was expected to debut with more than 30,000 bitcoin on its balance sheet. That would have made it one of the world’s largest publicly traded corporate bitcoin holders. The transaction also included plans to raise up to $1.5 billion through a private investment in public equity (PIPE). That money was intended to provide additional capital to acquire bitcoin.
Earlier comments on a weak market
Earlier this year, Adam Back told CoinDesk that launching during a weaker bitcoin market could ultimately benefit BSTR. He suggested it could allow the company to accumulate bitcoin at lower prices ahead of a potential recovery. That strategy might have influenced some of these negotiation shifts.
For now, CEPO continues to trade around $10.50. It remains unclear what exactly the revised merger structure will look like. But both parties seem willing to keep talking, even if the original deal has fallen apart.