Adam Back's BSTR Terminates Original SPAC Merger Agreement, Renegotiates Listing Terms with Cantor Equity Partners

According to Odaily, on July 8, 2026, BSTR, the Bitcoin treasury company led by Adam Back, and Cantor Equity Partners I (CEPO) announced they will no longer proceed with the transaction under the original merger agreement signed in July 2025. Instead, the parties will renegotiate new terms to better reflect current market conditions. Additionally, the private investment in public equity (PIPE) arrangement attached to the original merger agreement will no longer serve as a prerequisite for closing the transaction.

The shareholder meeting originally scheduled by CEPO for July 10 has been postponed indefinitely. All previously submitted redemption requests will be cancelled, and the related shares will be returned to investors. BSTR initially planned to go public through this SPAC merger, at which time its balance sheet would have held over 30,000 Bitcoins. It also intended to raise up to $1.5 billion through a PIPE to increase its Bitcoin holdings. (CoinDesk)