Bitcoin treasury firm BSTR, co-founded by Blockstream CEO Adam Back, has walked away from the terms of its planned merger with Cantor Equity Partners, a special purpose acquisition company. The two parties agreed not to complete the deal under the original July 2025 agreement, and the shareholder meeting required to approve the combination has been postponed indefinitely. BSTR is now seeking a new arrangement, though details of what alternative structure or partner it may pursue have not been disclosed. The move marks a setback for one of several bitcoin-focused treasury vehicles that have sought public listings via SPAC transactions. Such deals allow companies to reach public markets without a traditional initial public offering, but they can face delays or collapse amid shifting market conditions and valuation disputes. The outcome of BSTR's search for a new deal remains uncertain.
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