Key facts
- The Bitcoin Standard Treasury Company and Cantor Equity Partners I are renegotiating their SPAC merger terms.
- The companies are seeking revised terms to better reflect current market conditions.
- The original 2025 merger agreement has been scrapped.
- A shareholder meeting to approve the transaction has been postponed.
The Bitcoin Standard Treasury Company (BSTR), founded by Blockstream CEO Adam Back, is renegotiating its planned SPAC merger with Cantor Equity Partners I. The companies have abandoned the original 2025 merger terms and will negotiate a revised agreement to better reflect current market conditions. This development postpones a shareholder meeting that was set to approve the transaction. Under the original deal, BSTR planned to contribute over 30,000 BTC alongside $1.5 billion in PIPE financing. Enthusiasm for Bitcoin treasury SPACs has cooled, and Cantor is reportedly broadening its focus beyond crypto-focused vehicles. Separately, the European Securities and Markets Authority is reviewing crypto custody providers following MiCA's transition, and StarkWare CEO Eli Ben-Sasson has suggested replacing Bitcoin's 21 million supply cap with a 4% annual inflation rate.