BSTR Holdings, backed by Adam Back, has terminated its plan to go public as a Bitcoin reserve company through a business combination with Cantor Equity Partners I, a special-purpose acquisition company. The July 16, 2025 deal, as amended, never closed; the parties ended the agreement on Aug. 20 without any Bitcoin sale or transfer of the contemplated 30,021 BTC treasury. BSTR Holdings must pay Cantor Equity Partners I $15 million in termination fees—$10 million by Sept. 19 and $5 million by Dec. 1—or Blockstream Capital Partners may be required to cover the amounts. Delayed payment would strip legal protections and void releases and covenants. BSTR and BSTR Newco plan to withdraw the Form S-4, Cantor Fitzgerald engagements have ended, and BSTR said it will keep managing a Bitcoin treasury independently amid pricing pressure and limited convertible and preferred financing options.