In a significant development for the cryptocurrency sector, Cantor Equity Partners I has once again postponed the shareholder vote regarding its merger with Bitcoin Standard Treasury (BSTR), a treasury company led by notable figure Adam Back. The new date for the shareholder meeting has been rescheduled to July 10, moving from its earlier date of July 2. This marks the second postponement in less than two weeks, with the original vote initially slated for June 26.
According to sources, the extension has been made to ensure shareholders have adequate time to cast their votes on the proposed business combination. Alongside this delay, Cantor has also pushed back the redemption deadline for holders of its Class A shares to 5:00 p.m. ET on July 8, just two days prior to the newly scheduled meeting.
The merger, if finalized, would facilitate BSTR’s entry into the public market with an estimated enterprise value of around $4 billion. The transaction is particularly notable as it is expected to give BSTR a substantial balance sheet, featuring 30,021 BTC at launch—making it one of the largest corporate bitcoin holdings upon debut.
The structure of the deal includes a novel in-kind Bitcoin Private Investment in Public Equity (PIPE), which allows investors to contribute bitcoin rather than cash. This innovative approach to capital raising includes around $1.5 billion in PIPE financing, combining cash commitments and 5,021 BTC contributed in kind, along with the SPAC’s trust account, which is estimated at roughly $200 million.
BSTR has expressed ambitions to expand its holdings to over 50,000 BTC, a move that would secure its position among the most prominent corporate bitcoin holders globally—especially during a time when many treasury firms are rapidly increasing their digital asset portfolios.
The repeated delays in the voting process, while procedural in nature, highlight market dynamics often seen in SPAC transactions, particularly those involving substantial institutional financing. The focus on the BSTR deal is intensified by Adam Back’s involvement, who has a distinguished history, including inventing the Hashcash proof-of-work system mentioned in Bitcoin’s white paper. His backing lends significant credibility to BSTR’s strategy amidst a growing institutional interest in bitcoin accumulation across various markets.
This transaction represents Cantor’s second major venture into a crypto-focused SPAC deal; in parallel, Cantor Equity Partners II recently completed a business combination with tokenization firm Securitize.
If the merger secures shareholder approval on the rescheduled date of July 10, it will pave the way for a significant addition to public markets, coinciding with increasing institutional demand for bitcoin exposure and innovative strategies for asset management in the cryptocurrency space.
