Adam Back’s Bitcoin Standard Treasury Company (BSTR), the bitcoin treasury company backed by Blockstream CEO and bitcoin pioneer, is renegotiating the terms of its planned public listing through a merger with Cantor Equity Partners I (CEPO), with the parties abandoning the original structure agreed to last year in an effort to better reflect current market conditions.
The companies said Wednesday that they will not complete the transaction under the terms of the July 2025 business combination agreement. Instead, they are discussing a revised structure, with more details expected in future filings with the U.S. Securities and Exchange Commission.
As part of the changes, previously announced private placement financing tied to the merger will no longer need to close. CEPO also indefinitely postponed its shareholders meeting, which had been scheduled for July 10. Any redemption request submitted by CEPO shareholders will be canceled and the shares will be returned, with no action required by investors.
The announcement comes after a series of delays. In June, CEPO postponed its shareholders meeting to allow additional time and extend the repayment deadline. The meeting was subsequently pushed back to July 10 before being postponed indefinitely.
