The Bitcoin Standard Treasury Company and Cantor Equity Partners I announced on July 8, 2026, that they are renegotiating the terms of their 2025 merger agreement instead of proceeding with the original deal. The announcement prompted the postponement of a shareholder meeting that had been scheduled for Friday.
BSTR, founded by Blockstream CEO Adam Back, originally agreed to contribute more than 30,000 BTC and $1.5 billion in PIPE financing to the merger with the Cantor Fitzgerald-created SPAC. The SEC recognized the registration statement for the deal in June 2026.
The renegotiation comes as market conditions have shifted since the original agreement. Securitize, a tokenization company that completed a similar SPAC transaction with Cantor Equity Partners II, saw its share price fall 40 percent on Wednesday to $7.42, down from a $12.30 close on July 2. Securitize, which has $4 billion in assets under management, began trading on NYSE under ticker SECZ after SEC approval in June 2026.
Twenty One Capital, another Bitcoin treasury company, completed a $3.6 billion merger with Cantor in 2025, providing earlier precedent for the SPAC structure in the Bitcoin treasury space.
“A Bitcoin treasury SPAC doesn’t look so good now. Six months from now, I don’t know, maybe,” said Kristi Marvin, founder and CEO of SPACInsider, a SPAC tracking platform.
