Founded by Adam Back, CEO of Blockstream, the Bitcoin Standard Financial Company (BSTR), and Cantor Fitzgerald's special purpose acquisition company Cantor Equity Partners I jointly issued a statement on July 9, announcing the abandonment of the original SPAC merger agreement terms set for 2025 and the start of renegotiations.
Joint Statement by BSTR and Cantor: Abandoning 2025 Merger Terms, Shareholders' Meeting Indefinitely Postponed
According to the joint statement on July 9, 2026, BSTR and Cantor Equity Partners I have decided to abandon the original merger agreement terms scheduled for 2025 and will negotiate a new agreement to "better reflect market conditions"; the statement did not disclose specific details or the direction of the amendments.
The shareholder meeting scheduled for this Friday has been postponed indefinitely. Both companies stated they will provide more details "at an appropriate time." The SEC approved the registration statement for the merger agreement in June 2026, and the industry had widely expected an imminent public listing.
Original Transaction Terms: Over 30,000 Bitcoins, $1.5 Billion PIPE Financing
According to reports, the original SPAC merger deal between BSTR and Cantor Equity Partners I included the following main terms:
Bitcoin Investment: Over 30,000 BTC
PIPE Financing: $1.5 billion private investment in public equity
Regulatory Approval: The U.S. SEC approved the registration statement for the merger in June 2026
Listing Expectation: The public was expecting an immediate listing after SEC approval
In 2025, Twenty One Capital completed a $3.6 billion merger with Cantor, becoming one of the previous Bitcoin financial companies to go public via a SPAC.
SPACInsider CEO: Bitcoin Treasury SPAC Outlook Unfavorable
According to Institutional Investor in February 2026, Kristi Marvin, founder and CEO of SPACInsider, stated: "Currently, the outlook for Bitcoin treasury SPACs is not optimistic. I don’t know what will happen in six months — maybe it will, maybe it won’t."
The report also pointed out that Cantor has left itself "a lot of room for maneuver" in the SPAC deals, with investments not limited to Bitcoin asset management firms like BSTR and Twenty One Capital. Twenty One Capital had already completed a $3.6 billion merger with Cantor in 2025.
Securitize SECZ Shares Drop to $7.42 on Wednesday
Market data shows that tokenization company Securitize, which also went public on NYSE through a SPAC merger with Cantor Equity Partners II, has a stock ticker SECZ. Securitize manages assets worth $4 billion, and the SEC approved the transaction in June 2026. After shareholder approval, trading on NYSE commenced.
On Wednesday, SECZ closed at $7.42, down about 40% from $12.30 on July 2. The announcement of BSTR's renegotiation came amid SECZ’s continued decline.
Frequently Asked Questions
Why did BSTR and Cantor Equity Partners I abandon the 2025 SPAC merger terms?
According to the joint statement on July 9, the reason for abandoning the original terms was to negotiate "new terms that better reflect market conditions"; specific reasons or details of the new terms were not disclosed.
What are the main terms of the original BSTR SPAC merger deal?
Reports indicate the original deal involved an investment of over 30,000 BTC and $1.5 billion PIPE financing. The SEC approved the registration statement in June 2026, and the public was expected to proceed with an immediate listing.
How is Securitize SECZ stock performing recently?
Market data shows SECZ closed at $7.42 on Wednesday, down about 40% from $12.30 on July 2. Securitize also completed a merger through Cantor’s SPAC (Cantor Equity Partners II) and is listed on NYSE.
