BSTR Abandons Public Listing Amid Market Pressure and Revised Financing Terms

A proposed business combination between Bitcoin Standard Treasury Company and Cantor Equity Partners I has been terminated due to market pressure. The deal, announced in July 2025, aimed to take BSTR public through a merger with CEPO.

The termination agreement requires BSTR's seller to pay Cantor $15 million in cash, including $10 million by September 19 and $5 million by December 1. BSTR will also withdraw its Form S-4 registration statement filed with the Securities and Exchange Commission on May 14.

The original transaction was structured around 30,021 BTC, with founding shareholders contributing 25,000 BTC and another 5,021 BTC planned through an in-kind Bitcoin equity PIPE. The financing plan included up to $400 million in common equity, up to $750 million in convertible notes, and up to $350 million in convertible preferred stock.

Dr. Adam Back, CEO and co-founder of BSTR, said the teams at CEPO and Cantor have been 'outstanding partners throughout' and that the decision was made together.