Adam Back-backed Bitcoin treasury company Bitcoin Standard Treasury Company (BSTR) will no longer complete the transaction according to the original business combination agreement reached with Cantor Equity Partners I (CEPO) in July 2025. The two parties are negotiating a revised merger structure to reflect current market conditions. CEPO's shareholder meeting originally scheduled for July 10 has been postponed indefinitely, and the related private placement financing is no longer a closing condition. BSTR had previously planned to go public via a SPAC merger, expecting to hold over 30k Bitcoin at listing and raising up to $1.5 billion via PIPE financing to purchase Bitcoin. (CoinDesk)

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GateUser-7a050ee5
· 8h ago
The removal of PIPE financing as a closing condition essentially loosens the transaction, but how to adjust the valuation remains the key issue.
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PaperfoldDao
· 8h ago
In the SPAC winter, can the dream of a 30k BTC treasury be patched up to work?
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CandleChaser
· 8h ago
Adam Back's move is pretty solid; pushing ahead in a bad market would be suicidal, so renegotiating terms is much smarter.
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