Cantor Equity Partners I has announced a postponement of its shareholder vote regarding a merger with Bitcoin Standard Treasury Company (BSTR) until July 2. This merger aims to bring Adam Back’s company to the Nasdaq, leveraging a reserve of 30,021 Bitcoin (BTC). Previously, shareholders were scheduled to cast their votes on June 26.
The delay in the vote has been attributed to previously disclosed private placements, adding to the uncertainty surrounding the deal. The merger, which was first proposed in July 2025, originally targeted a closing by the end of that year. However, this postponement comes at a time when companies specializing in digital asset treasuries are grappling with declining valuations. Many of these firms are now trading at or below the intrinsic value of the Bitcoin they hold, leading to concerns over the potential dilution from any new share issuance.
The impact of falling Bitcoin prices is evident across the sector. Even MicroStrategy (MSTR), under Michael Saylor’s leadership, has not remained immune. Once serving as a benchmark for corporate Bitcoin holders, MSTR has experienced a decline in its share price, dropping below the $100 mark for the first time since March 2024. The company, which retains the largest Bitcoin holding at 847,363 BTC, has also curtailed its acquisitions, most recently adding only 520 BTC while accumulating a cash reserve of $1.4 billion.
BSTR’s capital structure would place it as the fifth-largest public Bitcoin treasury, still about 13,000 coins short of the second position. BSTR’s founders are expected to contribute 25,000 BTC, with an additional 5,021 BTC coming from a unique in-kind raise paid in Bitcoin, a first for U.S. SPACs. This venture represents Cantor Fitzgerald’s second foray into Bitcoin treasury setups through a SPAC, following the establishment of Twenty One Capital, which holds 43,514 BTC. This competition adds pressure as BSTR positions itself against existing treasuries.
Adam Back, known for creating Hashcash and co-founding Blockstream, is currently in the pursuit of raising up to $1.5 billion to enhance Bitcoin acquisitions. He has recently denied claims made in a New York Times report regarding his association with Satoshi Nakamoto. Industry projections from Jan3’s chief executive, Samson Mow, suggest that a full deployment of funds could yield approximately 23,500 additional coins, potentially elevating BSTR’s total BTC holdings to roughly 53,500. Such an increase would place BSTR ahead of Metaplanet’s 40,177 BTC and Twenty One Capital’s 43,514 BTC, trailing only MicroStrategy.
The outcome of the merger will ultimately depend on the results of the July 2 vote and the level of shareholder redemptions prior to the June 30 deadline. Heavy redemptions could significantly limit the cash BSTR has available for Bitcoin purchases, complicating its ambition to ascend the hierarchy of Bitcoin treasury holders.
