BSTR and Cantor Fitzgerald scrap Bitcoin merger terms

BSTR Holdings and Cantor Equity Partners I have scrapped their merger terms and PIPE financing, postponing the shareholder vote indefinitely due to market conditions. They are now negotiating revised terms.

BSTR Holdings and Cantor Equity Partners I, supported by Cantor Fitzgerald, have abandoned the original terms of their planned merger, which aimed to take BSTR public as a major Bitcoin treasury company. The decision comes amid changing and challenging market conditions, leading both parties to scrap the initial agreement announced in July 2025. That deal included plans for a treasury of over 30,000 BTC and a valuation between $1.5 billion and $4 billion. As a result, the private placement financing (PIPE) tied to the merger has been dropped. The shareholder vote, previously postponed twice, is now delayed indefinitely. Pending redemption requests from SPAC investors will be canceled, and shares will be returned. Both companies are now negotiating a revised structure and amended terms. Further details will be disclosed in future regulatory filings if a new agreement is reached.