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

Odaily, July 8th - Adam Back's bitcoin treasury company BSTR and Cantor Equity Partners I (CEPO) announced on July 8, 2026, that they will not proceed with the transaction based on the original merger agreement signed in July 2025. Instead, they will renegotiate new terms to better reflect the current market environment. Meanwhile, the PIPE (Private Investment in Public Equity) arrangement attached to the original merger agreement will no longer be a prerequisite for completing the transaction.

The previously scheduled shareholder meeting of CEPO on July 10th has been postponed indefinitely. All redemption requests submitted earlier will be canceled, and the relevant shares will be returned to investors. BSTR originally planned to go public through this SPAC merger, intending to hold over 30,000 bitcoins on its balance sheet and seeking to raise up to $1.5 billion through a PIPE to increase its bitcoin holdings. (CoinDesk)