Bitcoin Standard Treasury's merger remains tied up by unresolved PIPE terms, while the deal would take the company to Nasdaq with 30,021 BTC if approved.
Shareholders have again postponed the vote on the merger between Adam Back's Bitcoin Standard Treasury (BSTR) and Cantor Equity Partners I, with the meeting now set for July 10 after earlier dates of June 26 and July 2. The delay remains tied to unresolved terms for a private investment in public equity, or PIPE, that could provide up to $1.5 billion, while the SPAC redemption deadline has been extended to July 8. If the merger closes, BSTR would list on Nasdaq with 30,021 BTC, including 5,021 BTC contributed through what BSTR describes as a major in-kind Bitcoin PIPE in a SPAC deal and 25,000 BTC from Adam Back and Blockstream Capital. Based on BitcoinTreasuries.net data cited in the report, that would make BSTR the fifth-largest public Bitcoin treasury at launch, with scope to expand further if additional financing is deployed.