Adam Backs Bitcoin treasury company seeks new terms with Cantor for SPAC merger
The Bitcoin Standard Treasury Company (BSTR), founded by Blockstream CEO Adam Back, wants to change the terms of its merger agreement with Cantor Equity Partners for a public offering. According to a Wednesday announcement, BSTR and Cantor Equity Partners I, the special purpose acquisition company (SPAC) created by financial services giant Cantor Fitzgerald, scrapped the original terms of a 2025 merger agreement and will negotiate a new deal. Although the details were not included in the announcement, both companies said that they intended to negotiate terms that “better reflected market conditions.” Source: BSTR A shareholder meeting scheduled for Friday intended to address the SPAC merger and a public offering was postponed indefinitely. The companies said that they would “provide further details in due course.” BSTRs initial deal included contributing more than 30,000 Bitcoin (BTC) and $1.5 billion in PIPE (Private Investment in Public Equity) financing. The US Securities and Exchange Commission (SEC) recognized the registration statement for the agreement in June, with many expecting the public offering soon to follow. Related: Capital B raises $1.3M from Adam Back for Bitcoin strategy According to a February report from Institutional Investor, Cantor was giving itself “a lot of wiggle room” in SPAC deals, no longer keeping its sole