Adam Back’s Bitcoin Standard Treasury Company (BSTR), the Bitcoin treasury company backed by Blockstream CEO and Bitcoin pioneer, is renegotiating the terms of its planned public listing through a merger with Cantor Equity Partners I (CEPO), with the parties abandoning the initial structure agreed to last year in an effort to better reflect current market conditions.
The companies announced Wednesday that they will not finalize the transaction under the terms of the July 2025 business combination agreement. Instead, they are discussing a revised structure, with more details expected in future filings with the U.S. Securities and Exchange Commission.
As part of these changes, previously announced private placement financing related to the merger will no longer be required to close. CEPO also postponed its shareholders’ meeting, which was scheduled for July 10, indefinitely. Any redemption request submitted by CEPO shareholders will be canceled and the shares returned, with no action required from investors.
The announcement follows a series of delays. In June, CEPO postponed its general meeting of shareholders to allow more time and extend the buyout deadline. The meeting was then pushed back to July 10 before being postponed indefinitely.
