Adam Back's Bitcoin reserve company BSTR and Cantor SPAC abandoned the original merger terms and renegotiated. This is not just a single transaction stalled, but the path for crypto companies to land in traditional capital markets through SPACs is narrowing.

When BSTR reached the agreement in July 2025, Bitcoin was at a cycle high and market sentiment was optimistic. Now the crypto market environment has changed—ETF outflows, regulatory uncertainty, liquidity contraction—making SPAC, a listing method with high valuations and high expectations, fragile. Cantor, as a veteran Wall Street institution, abandoning the original terms indicates that the pricing logic for crypto assets has fundamentally shifted.

On a deeper level, this is a structural signal: crypto-native companies want to use traditional financial channels to achieve value discovery, but the channels themselves are tightening. The flexibility of SPACs was once an advantage, but now it has become a source of uncertainty. BSTR's renegotiation may become a reference for other similar transactions. If the final terms are significantly reduced, it will directly lower market expectations for crypto company valuations.

The risk is that BSTR is not an isolated case. More crypto projects waiting for SPAC mergers may face the same predicament, and secondary market investors' trust in such targets will also be discounted. The marriage between crypto and Wall Street has never succeeded by unilateral approach alone.

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