The Adam Back-backed deal, which would list BSTR Holdings on Nasdaq as BSTR with 30,021 BTC and up to $1.5 billion in PIPE financing, was postponed from June 26 citing a previously disclosed private placement.
Cantor Fitzgerald-affiliated Cantor Equity Partners I Inc. postponed its shareholder vote on a proposed SPAC merger with Adam Back-led Bitcoin Standard Treasury Company, also referred to as BSTR Holdings Inc., to July 2 from June 26. If approved, the combined company would trade on Nasdaq under the ticker BSTR and start with 30,021 BTC on its balance sheet. The transaction includes up to $1.5 billion in PIPE financing, with about $600 million contributed in-kind as 5,021 BTC. The company said the delay was related to a previously disclosed private placement, as weaker crypto prices, lower public-market valuations for digital asset treasury companies and dilution concerns weigh on investor sentiment.