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 IPO through a merger with Cantor Equity Partners I (CEPO), with the parties abandoning the original structure agreed upon 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 further details expected in future filings with the US Securities and Exchange Commission.
As part of the changes, the previously announced private placement financing linked to the merger will no longer be closed. CEPO also indefinitely postponed its shareholders’ meeting, which had been scheduled for July 10. Any redemption requests submitted by CEPO shareholders will be canceled and the shares returned with no action required from the investors.
The announcement follows a series of delays. In June, CEPO postponed its shareholders’ meeting to allow additional time and extend the redemption deadline. The meeting was subsequently pushed back to 10 July before being postponed indefinitely.
