Cantor Equity Partners I (Nasdaq: CEPO), a special purpose investment firm sponsored by Cantor Fitzgerald, and BSTR Holdings he said today that they do not end up integrating their bitcoin business according to their wishes they set up their July 2025 contract. The parties are planning to negotiate a revised schedule and revised terms that reflect the current market conditions.
The companies said the confidentiality clauses associated with the original agreement should not be closed. The CEPO shareholders’ meeting, which was scheduled for July 10, was moved to an adjourned date without a fixed date. The government shares offered for redemption will return to their owners, the letter said.
The announcement marks the transition of one of the largest bitcoin financial services companies to public markets. When two companies uncovered including in July 2025, they recorded process to take the Bitcoin Standard Treasury Company, led by Blockstream co-founded by cryptographer Adam Back, publicly on the Nasdaq under the ticker BSTR.
The joint venture started with 30,021 bitcoins, a value of more than $3 billion at the time, and is among the largest private equity firms.
Adam Back he took to X this morning to confirm: “As of today’s announcement, @bstrco and $CEPO have agreed to work together and are discussing how they will be restructured with revised terms for their previously announced businesses, which they intend to benefit from in the market.”
The combination is targeting a 50,000-bitcoin asset
Structure included Back and Blockstream Capital, which agreed to provide more than 30,000 bitcoin, and private funds in the group agreement of about $1.5 billion. About 5,021 bitcoins came as charitable donations rather than cash.
Supporters described the upgrade as the largest PIPE to store bitcoin assets, and the company stated a target of more than 50,000 bitcoins.
The deal drew attention to his ties to Cantor Fitzgerald. Brandon Lutnick, the son of US Commerce Secretary Howard Lutnick, serves as the SPAC’s co-chair. The Securities and Exchange Commission announced that the registration statement will become effective on June 5, 2026, and CEPO sent its prospectus to shareholders that day.
The road to the vote has been difficult. CEPO to be pushed shareholders’ meeting from June 26 to July 2, then until July 10, before the two parties. The slowdown followed a sharp decline in the bitcoin economy.
By the end of 2025, the amount of capital of companies that have sold assets will decrease in the price of bitcoin, which analysts measure through mNAV, the ratio of the market value of the company and its crypto.
This difference is important to the Treasury’s playbook. The model depends on the price: when the stock is trading above the price of bitcoin, the company can issue shares to buy more. As the stock goes down and down, new capital boosts the value of existing shareholders and engines of growth.
Strategy, strategy developer, to sell at a discount to their sales, and their smaller counterparts fell to greater risks.
Neither company detailed the nature of the revised agreement. Any new terms may require a new filing with the SEC to change the terms of the registration and project. The parties said they hope to share more information in due course.
