Cantor Equity Partners and BSTR scrap $4 billion Bitcoin treasury merger terms

Cantor Equity Partners, the SPAC backed by Cantor Fitzgerald, and Bitcoin Standard Treasury Company have abandoned the merger agreement they signed in July 2025 and will negotiate entirely new terms, resetting one of the largest proposed Bitcoin treasury transactions in the SPAC market. The original deal valued the combination at about $4 billion and called for BSTR, led by Blockstream co-founder Adam Back, to contribute roughly 30,021 BTC, worth more than $3 billion at the time. It also included a PIPE (private investment in public equity) financing component of up to $1.5 billion, described as the largest financing tied to a Bitcoin treasury SPAC merger. On July 8, 2026, the companies said the merger would not proceed under the July 2025 agreement and would be renegotiated to reflect current market conditions. The related PIPE will no longer be a closing condition, CEPO’s July 10 shareholder meeting was indefinitely postponed, and prior redemption requests were canceled. New terms have not yet been set and would require updated SEC (U.S. securities regulator) filings before the deal can move ahead. The eventual valuation, any revised PIPE size and the amount of BTC contributed are likely to determine whether the merger still matches its original landmark ambitions.