Cantor SPAC and Adam Back’s Bitcoin Treasury Renegotiate Merger Terms, Vow New Structure

In July 2025, Cantor SPAC CEPO and Bitcoin Standard Treasury announced plans to merge, aiming to make Bitcoin Standard Treasury a public company on Nasdaq with a substantial Bitcoin reserve. The deal was notable for its size, involving over 30,000 Bitcoin and a private investment of about $1.5 billion, making it one of the largest Bitcoin treasury deals to reach public markets.

However, the companies announced they will not proceed with the original terms. Instead, they are negotiating a revised structure that better aligns with current market conditions. The delays in shareholder approval and the broader downturn in Bitcoin treasury valuations have prompted this reconsideration.

Adam Back, co-founder of Blockstream, confirmed that the two parties are working on amended terms. The original plan included contributions of Bitcoin and private investments, with a target of over 50,000 Bitcoin.

This development indicates a cautious approach by large crypto entities amid market fluctuations, especially in Bitcoin treasury strategies. The outcome of these negotiations could influence future large-scale Bitcoin treasury initiatives and related public market strategies.