Cantor Equity Partners I postponed its shareholder vote on a merger with Bitcoin Standard Treasury Company to July 2, pushing back a deal that would list Adam Back's Bitcoin holding company on Nasdaq with 30,021 BTC.
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Cantor SPAC delays Adam Back Bitcoin merger vote to July 2
Cantor Equity Partners I postponed its shareholder vote on a merger with Bitcoin Standard Treasury Company to July 2, pushing back a deal that would list Adam Back's Bitcoin holding company on Nasdaq with 30,021 BTC.
"The delay is tied to previously disclosed private placements," the special purpose acquisition company, sponsored by a Cantor Fitzgerald affiliate, said in a statement, without specifying the reason for the postponement from the original June 26 date.
BSTR would arrive as the fifth-largest public Bitcoin treasury, trailing Strategy's 847,363 BTC by a wide margin but about 13,000 coins shy of second place. Founders contribute 25,000 coins, with another 5,021 from an in-kind raise paid in Bitcoin — a first for a US SPAC. The listing would be Cantor Fitzgerald's second Bitcoin treasury built through a SPAC, following Twenty One Capital, a Tether-backed holder of 43,514 BTC.
The outcome hinges on the July 2 vote and the level of redemptions before the June 30 deadline. Heavy redemptions would cut the cash BSTR can spend on Bitcoin, narrowing its path to the top three — a target Back has set. He is raising up to $1.5 billion to buy more Bitcoin, which at full deployment would lift BSTR to roughly 53,500 BTC, passing Metaplanet's 40,177 BTC and Twenty One Capital's 43,514 BTC for second place behind only Strategy.
The delay arrives as digital asset treasury companies absorb falling valuations, with many trading near or below the value of the Bitcoin they hold. Strategy, the largest corporate Bitcoin holder, saw its shares fall below $100 this week for the first time since March 2024, and has slowed its buying to just 520 BTC recently while building a $1.4 billion cash reserve.
Samson Mow, chief executive of JAN3, estimated that a full deployment of Back's $1.5 billion raise could add about 23,500 coins, giving BSTR the lowest cost basis among large holders. The companies first agreed to the merger in July 2025 and once aimed to close by late 2025.
This article is for informational purposes only and does not constitute investment advice.
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