The SPAC vote on BSTR has been postponed: Adam Back faces market turbulence
Investment company Cantor Equity Partners I has announced the postponement of the shareholder meeting that was set to decide the fateful merger with Bitcoin Standard Treasury Company (BSTR) — the project of legendary cryptographer Adam Back. The vote, originally scheduled for June 26, will now take place on July 2. This deal is a key step for listing BSTR on the Nasdaq exchange, and the delay has sparked a wave of questions in the community.
Why the pause? The answer lies in market dynamics
The official reason is "details of previous private placements." However, in my view, the true reason runs deeper. We are witnessing a synchronized decline in the market capitalization of public crypto companies. Many of them are trading at a discount to the value of their underlying assets, making the issuance of new shares extremely disadvantageous for investors due to capital dilution. This negative trend is also putting pressure on Bitcoin itself.
The situation is so serious that it has even affected the giant Strategy (formerly MicroStrategy) led by Michael Saylor, which holds a colossal 847,363 BTC. Its shares have fallen below $100 for the first time in two years, and the pace of cryptocurrency accumulation has noticeably slowed. Under such conditions, rushing the listing would be an unjustified risk.
Ambitious plans for BSTR: from fifth place to the top three
Despite the delay, Back's project looks extremely ambitious. Currently, BSTR's assets amount to 30,021 BTC. The team has already invested 25,000 BTC, while the remaining 5,021 BTC were raised through a non-cash scheme — a first in the practice of American SPACs. After listing, BSTR will rank fifth among the largest public Bitcoin holders, but this is just the beginning.
To reach second place, the company will need to purchase about 13,000 more coins. Moreover, Adam Back himself has announced plans to raise up to $1.5 billion for new investments, which would allow the acquisition of an additional 23,500 BTC. Thus, BSTR's potential portfolio could grow to 53,500 BTC, immediately placing it in the top three global leaders, second only to the perennial leader — MicroStrategy.
Interestingly, Cantor Fitzgerald has already launched a similar project, Twenty One Capital, with the support of Tether's issuer, which holds 43,514 BTC. The success of BSTR could serve as a catalyst for creating a second such fund.
My analysis: The delay in the vote is not so much a setback as a strategic pause. The market is currently unfavorable for an IPO, and Back, as an experienced player, prefers to wait for more stable conditions. If the deal goes through, BSTR could become a strong competitor to Strategy, offering investors a more diversified approach to Bitcoin reserves. However, success will depend on the team's ability to raise capital in an environment where even market giants are under pressure.