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BSTR scraps SPAC merger with Cantor Equity Partners and postpones vote

The planned PIPE financing linked to the merger was dropped, and CEPO shareholders who submit redemptions will have them cancelled and shares returned.

Thursday, July 9, 2026 · Written up by our desk · Market Structure

BSTR, Adam Back's bitcoin treasury company, said it will not complete its SPAC merger with Cantor Equity Partners I (CEPO) under the original July 2025 agreement, according to CoinDesk. The companies said they are negotiating revised merger terms after citing changing market conditions.

As part of the restructure, the private investment in public equity financing announced in connection with the deal will no longer be required to close. CEPO also postponed its shareholder meeting indefinitely, with the meeting previously scheduled for July 10.

CoinDesk reported that any redemption requests submitted by CEPO shareholders will be cancelled, and shares will be returned without requiring action from investors. The announcement follows earlier delays, including a June postponement that extended the redemption deadline before the vote was pushed to July 10.

BSTR first unveiled plans in July 2025 to go public through the SPAC merger with expectations of more than 30,000 bitcoin on its balance sheet, with the deal also previously including plans to raise up to $1.5 billion through a PIPE. Further details on the revised structure are expected in future filings with the U.S. Securities and Exchange Commission, CoinDesk said.

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