The postponement of the BSTR vote is slowing down Adam Back's ambitious Bitcoin project.
Investment company Cantor Equity Partners I, established with the support of financial giant Cantor Fitzgerald, has announced the postponement of a shareholder meeting regarding the merger with Bitcoin Standard Treasury Company (BSTR). The vote was originally scheduled for June 26 but will now take place on July 2. Management attributes the delay to the need to clarify details related to recent private placements. This deal is a key step for BSTR's listing on the Nasdaq exchange, which should mark an important milestone in the institutionalization of bitcoin.
Market Context: Why the Pause?
The agreement between the parties was reached back in July 2025, with initial plans to complete all procedures by the end of last year. The current delay comes amid a notable decline in the market capitalization of public crypto companies. Many funds holding significant reserves of digital assets are currently trading at a discount to the value of their crypto holdings. This creates an unfavorable environment for new placements, as issuing additional shares leads to dilution of existing investors' capital. This trend is also putting pressure on the price of bitcoin itself. Even Michael Saylor's giant Strategy (formerly MicroStrategy), which holds 847,363 BTC, recently saw its stock price fall below $100 for the first time in two years and has slowed its accumulation pace.
BSTR's Ambitions: Catching Up and Surpassing Leaders
Despite market turbulence, BSTR's plans remain highly ambitious. The company's current assets stand at 30,021 BTC. After listing, BSTR will rank fifth among the largest public holders of cryptocurrency. To reach second place, the team would need to purchase approximately 13,000 more coins. Notably, the project's founders initially contributed 25,000 BTC, while the remaining 5,021 BTC were raised through a unique "cashless" scheme for American SPACs.
Renowned cypherpunk Adam Back, creator of the Hashcash system and founder of Blockstream, intends to raise up to $1.5 billion for new investments. The allocated budget would allow for the purchase of an additional 23,500 BTC. Thus, BSTR's potential portfolio could reach approximately 53,500 BTC, enabling it to surpass most competitors, including Twenty One Capital (43,514 BTC) and Metaplanet (40,177 BTC), trailing only the perennial leader, MicroStrategy.
Analyst's Opinion: The delay in the vote is not a fatal setback but rather a tactical pause amid unfavorable market conditions. However, BSTR's success will depend not only on completing the deal but also on the team's ability to effectively manage capital in an environment where the market is skeptical of premiums on public bitcoin funds. If Back manages to finalize the merger and raise the stated funds, BSTR could become one of the main catalysts for a new wave of institutional adoption of bitcoin.