Adam Back’s Bitcoin treasury company seeks new terms with Cantor for SPAC merger
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- BSTR postponed indefinitely a Friday shareholder meeting that was set to address its SPAC merger with Cantor and a planned public offering, with the companies saying they would "provide further details in due course."
- BSTR's initial deal terms included contributing more than 30,000 BTC alongside $1.5 billion in PIPE financing, and the SEC had recognized the registration statement for the agreement in June.
- Cantor was giving itself "a lot of wiggle room" in SPAC deals and is no longer keeping its sole focus on Bitcoin treasury companies like BSTR and Twenty One Capital, per a February Institutional Investor report.
- Twenty One Capital completed a separate $3.6 billion SPAC merger with Cantor in 2025, making the BSTR deal's renegotiation a notable contrast to Cantor's earlier Bitcoin-treasury playbook.
- SPACInsider founder and CEO Kristi Marvin told Institutional Investor that "a Bitcoin treasury SPAC doesn't look so good now," though she added that could change in six months.
- Securitize (ticker SECZ), which debuted on the NYSE via a Cantor SPAC deal (Cantor Equity Partners II), traded at $7.42 on Wednesday — about 40% below its July 2 closing price of $12.30.
Why it matters: Cantor is visibly cooling on Bitcoin-treasury SPAC structures even after the SEC had already cleared BSTR's registration, and Securitize — its most recent SPAC debut — is already trading 40% below its early-July close, leaving BSTR's planned 30,000-BTC public offering and $1.5B PIPE in renegotiated limbo for Adam Back and BSTR shareholders.
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