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Vote Delay Slows Adam Back's Push to Build the Second-Largest Bitcoin Treasury

The SPAC deal with Cantor Equity Partners is now moving to July 2, while BSTR is aiming for a Nasdaq listing with 30,021 BTC. The delay comes as Bitcoin treasuries face pressure and lower valuations.

By Finst News
• 2 min read
Vote Delay Slows Adam Back's Push to Build the Second-Largest Bitcoin Treasury

Key Takeaways

  • Cantor Equity Partners I pushed the shareholder vote on its merger with Bitcoin Standard Treasury Company to July 2.
  • The delay pushes back Adam Back’s planned Nasdaq listing with 30,021 Bitcoin.
  • After extra funding, BSTR wants to grow to about 53,500 Bitcoin and become the second-largest public Bitcoin treasury.

Cantor Equity Partners I has pushed the shareholder vote on the merger with Bitcoin Standard Treasury Company (BSTR) to July 2. That delay pushes back Adam Back’s company’s Nasdaq debut, where it was set to list 30,021 Bitcoin (BTC).

Delay in the Merger and Its Impact on Bitcoin Treasuries

The merger between BSTR and Cantor Equity Partners, a SPAC sponsored by an affiliate of Cantor Fitzgerald, was originally set for a vote on June 26. The delay is tied to previously announced private placements. The deal was announced in July 2025, with a target closing in the fourth quarter of that year.

This delay comes at a time when companies with Bitcoin treasuries are dealing with falling valuations. Many of these companies trade at or even below the value of their Bitcoin holdings, which makes it harder to raise new capital and dilutes existing shares. You can see this in the recent price action in Bitcoin and in shares of similar companies like MicroStrategy, which, despite holding the largest BTC stash at 847,363 coins, saw share prices below $100 (€88).

BSTR's Ambition and Financial Position

BSTR is aiming to become the fifth-largest public Bitcoin treasury, with an initial portfolio of 30,021 BTC. The founders are contributing 25,000 coins, while 5,021 BTC come from an in-kind financing, a first for a U.S. SPAC. Adam Back, co-founder of Blockstream and the creator of Hashcash, is aiming to buy up to 23,500 more BTC through a $1.5 billion (€1.3 billion) capital raise. That would bring BSTR to about 53,500 BTC, putting it in second place behind MicroStrategy.

Cantor Fitzgerald previously launched Twenty One Capital through a SPAC, a Tether-backed treasury with 43,514 BTC. BSTR wants to pass that and other major treasuries to grab a spot in the top three. The final ranking will depend on the vote on July 2 and how many shareholders redeem their shares before the June 30 deadline. Large redemptions could limit the capital available, which would leave BSTR able to buy less Bitcoin.

Why This Matters for European Crypto Investors

For European investors, the delay in the BSTR vote matters because it affects the dynamics of public Bitcoin treasuries, which are increasingly acting as investment vehicles in regulated markets. The developments around BSTR and similar SPACs can offer a look at the volatility and funding options for these kinds of crypto companies, which is important for judging risk and opportunity in the broader crypto market.

The pressure on these treasury stocks fits into a wider market where institutional allocations are also being debated, like the 1-2% Bitcoin allocation BlackRock is suggesting.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.