The BSTR merger vote has been postponed: Adam Back's ambitious plan to list on Nasdaq faces a delay
The special purpose acquisition company (SPAC) Cantor Equity Partners I has announced the postponement of its shareholder meeting, which was set to approve the merger with Bitcoin Standard Treasury Company (BSTR) — the project of legendary cryptographer Adam Back. The vote was originally scheduled for June 26, but will now take place on July 2.
The reason for the delay lies in the details of recent private placements. The management of the SPAC, created with the support of the financial firm Cantor Fitzgerald, cited the need for additional time to complete internal procedures. It is important to note that this pause coincides with a period of significant decline in the market capitalization of public crypto companies. Many of them are currently trading at a discount to the value of their underlying assets, making the issuance of new shares extremely unfavorable for investors due to the risk of capital dilution. This trend is also putting pressure on Bitcoin itself.
As a reminder, the agreement between the parties was reached back in July 2025, with the initial plan to complete all procedures by the end of last year. The current delay, although technical, underscores the overall nervousness in the market. Even Michael Saylor's giant Strategy (formerly MicroStrategy), which holds 847,363 BTC, recently saw its shares fall below $100 for the first time in two years and has significantly slowed its accumulation pace.
BSTR's Ambitious Plans: From Fifth Place to the Top Three
Despite the delay, the ambitions of Adam Back's project are impressive. The company's assets currently stand at 30,021 BTC. Immediately after listing on Nasdaq, BSTR will take the fifth spot in the ranking of the largest public holders of cryptocurrency. However, the team is aiming higher: to rise to second place, it needs to purchase approximately 13,000 more coins.
Notably, the project's creators initially invested 25,000 BTC, while the remaining 5,021 were raised through a unique cashless scheme for American SPACs. This is an innovative approach that could set a new trend. If the deal is successful, Cantor Fitzgerald will launch its second similar project — Twenty One Capital, which already holds 43,514 BTC. Thus, Back's new company plans to surpass this previous achievement of its partners. The creator of Hashcash and founder of Blockstream himself states his intention to enter the global top three.
Moreover, Adam Back aims to raise up to $1.5 billion for new investments. This budget would allow for the purchase of approximately 23,500 more BTC. A potential company balance of 53,500 BTC would enable it to surpass most major players, including Twenty One Capital and Metaplanet, trailing only the perennial leader — MicroStrategy.
My comment: The postponement of the vote is not a fatal problem, but rather a tactical pause driven by market conditions. The very fact that Adam Back, one of the founding fathers of cryptography behind Hashcash, is taking an entire Bitcoin treasury fund public is a powerful signal of institutional maturity. If BSTR successfully completes the deal and raises the stated capital, it will not just be a corporate success, but a new standard for public Bitcoin investments, capable of reshaping the entire market.