Cantor Equity Partners I and BSTR announced July 8 they will not close the 30,021-BTC treasury financing under the original July 2025 agreement, instead pursuing revised structure and amended terms.
The decision unwinds one of crypto’s largest proposed treasury-backed financings. The deal, originally structured to combine common equity, convertible notes, preferred stock, and Bitcoin-funded subscriptions across multiple investor groups, has been shelved pending renegotiation.
“The revised structure and terms are intended to better reflect current market conditions,” Cantor Equity Partners I said in a company update.
The original transaction called for up to $1.5 billion in fiat PIPE financing alongside 5,021 BTC in-kind PIPE Bitcoin. Founding shareholders committed 25,000 BTC. Cantor Equity Partners I was set to contribute a maximum $200 million in cash, plus 4,156.11 BTC as an equity PIPE component. A Newco equity PIPE component included 865 BTC.
BSTR, the proposed Bitcoin treasury company tied to Adam Back, co-founder and chief executive of Blockstream, was structured around a Bitcoin-per-share mandate rather than a passive holding-company model. The deal hinged on converting multiple asset classes into a single public equity vehicle.
The collapse of the original terms triggers several procedural reversals. Pending private placements tied to the transaction will not be required to close. Public shares submitted for redemption will be returned and not redeemed. A shareholder meeting originally scheduled for July 10 has been postponed indefinitely.
Returning redeemed shares while renegotiating leaves the public float, Cantor Equity Partners I cash contribution, and shareholder base unresolved. Additional SEC filings are expected to amend or supplement the registration statement and proxy materials if a revised agreement is reached.
Bitcoin traded near $63,688 on July 12, with the asset commanding $1.27 trillion in market capitalization and 58% dominance across the broader crypto market.
