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Cantor delays Adam Back’s $4B Bitcoin treasury SPAC merger vote again, pushing the shareholder meeting to July 10 from July 2.
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The transaction would take Bitcoin Standard Treasury (BSTR) public through a merger with Cantor Equity Partners I. BSTR is expected to debut with 30,021 BTC on its balance sheet.
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The deal includes a novel in-kind Bitcoin PIPE, allowing investors to contribute Bitcoin rather than cash.
In a major crypto merger update, Cantor Equity Partners I has once again postponed the shareholder vote on its proposed merger with Bitcoin Standard Treasury (BSTR), the bitcoin treasury company backed by Blockstream CEO Adam Back.
The company board has now pushed the meeting to July 10 from the previously scheduled July 2. The vote was originally set for June 26, making this the second postponement in less than two weeks.
The company said the adjournment is intended to provide shareholders with additional time to vote on the proposed business combination. Alongside the delay, Cantor has also extended the redemption deadline for holders of its Class A shares to 5:00 p.m. ET on July 8. That’s just two days before the rescheduled meeting.
While the postponement is procedural, it temporarily delays one of the largest bitcoin treasury transactions announced this year. The deal could create a publicly traded DAT company with an enterprise value of approximately $4 billion. Here’s How
Cantor and Adam Back DAT Merger Delayed Again
Under the proposed transaction, Adam Back’s BSTR is expected to debut on Nasdaq under the ticker BSTR with 30,021 BTC on its balance sheet. The treasury will largely consist of bitcoin contributed by Adam Back and Blockstream-affiliated entities, alongside capital raised through institutional financing.
As per the SEC filings, the transaction includes approximately $1.5 billion in PIPE financing, comprising cash commitments and 5,021 BTC contributed in kind. This is combined with the SPAC’s trust account which is estimated at roughly $200 million, subject to shareholder redemptions.
BSTR has also disclosed ambitions to expand its holdings beyond 50,000 BTC. That’s a level that would place it among the world’s largest corporate bitcoin holders when treasury companies are rapidly scaling. Recently, Ethereum DAT Sharplink (SBET) entered Russell 2000 & 3000 Indexes in a show of its growing institutional prominence.
Another Test for the SPAC Market
The repeated delays are not uncommon in SPAC transactions, particularly those involving large institutional financings.
