SPAC listing falls through, Adam Back's Bitcoin treasury dream temporarily stalled; market conditions changed, terms must change accordingly.

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)