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

Odaily, On July 8, 2026, Adam Back’s bitcoin treasury company BSTR and Cantor Equity Partners I (CEPO) announced that they will no longer proceed with the transaction based on the original merger agreement signed in July 2025. Instead, they will enter into renegotiations on new terms to better reflect the current market environment. Concurrently, the private investment in public equity (PIPE) arrangement attached to the original merger agreement will no longer be a prerequisite for closing the transaction.

The shareholder meeting of CEPO, originally scheduled 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 was expected to hold over 30,000 bitcoins. The company also intended to raise up to $1.5 billion through a PIPE to purchase additional bitcoin. (CoinDesk)