The merger between Cantor Equity Partners I Inc. (CEPO), a SPAC backed by Cantor Fitzgerald, and BSTR Holdings Inc., the Bitcoin treasury company led by Blockstream CEO Adam Back, has encountered a delay. A shareholder vote initially set for June 26 has been rescheduled to July 2.
The core deal terms remain unchanged. Under the agreement, CEPO will acquire approximately 30,000 Bitcoin from Back and Blockstream Capital. At the time of announcement, the Bitcoin hoard was valued at over $3 billion. With plans to raise additional external capital, the transaction is valued at roughly $4 billion. Back will receive equity in the new publicly traded entity.
CEPO raised $200 million through its initial public offering in January 2025. BSTR Holdings would be led by Adam Back as a key figure, with Sean Bill serving as Chief Investment Officer.
Adam Back invented Hashcash, the proof-of-work system that inspired Bitcoin and is cited in Satoshi Nakamoto’s original whitepaper. Cantor Fitzgerald Chairman Brandon Lutnick has been supportive of digital asset ventures. The merged company would enter the Bitcoin treasury space, where Strategy (formerly MicroStrategy) dominates with over 200,000 BTC. BSTR’s 30,000 BTC would make it a notable player.
The next critical date is July 2.