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BSTR delays Adam Back-linked 30,021 BTC treasury deal financing

Cantor Equity Partners I and BSTR said the July 2025 terms will not be used to close the deal, and the July 10 shareholder meeting was postponed indefinitely.

Reported · Written up by our desk · Market Structure

Cantor Equity Partners I and BSTR said they will not close Adam Back's proposed 30,021-BTC Bitcoin treasury deal under the July 2025 agreement, forcing the companies to revise the financing structure before BSTR can reach public investors, according to CryptoSlate.

In a July 8 Form 8-K, the companies said they are discussing amended terms and a revised deal structure. They also said pending private placements tied to the transaction will not be required to be consummated, and the revisions are intended to better reflect current market conditions.

BSTR also postponed its shareholder meeting scheduled for July 10 indefinitely. The company update said any public shares submitted for redemption will be returned and will not be redeemed.

The original SEC filings tied the launch to 30,021 Bitcoin on BSTR's balance sheet, along with up to $1.5 billion of fiat PIPE financing, 5,021 Bitcoin in-kind PIPE financing, 25,000 Bitcoin from founding shareholders, and up to about $200 million from Cantor Equity Partners I, subject to redemptions. The financing reset effectively shifts the deal focus back to whether investor funding can be secured on workable terms under the revised structure before closing.

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