The plan led by Adam Back to establish a public Bitcoin treasury company through a special-purpose acquisition company, Cantor Equity Partners I, officially ended on Aug. 20. Despite the termination of the business combination agreement, a $15 million cash obligation remains in place with two fixed deadlines.
According to the executed termination agreement filed with the SEC, BSTR Holdings (Cayman) must pay Cantor Equity Partners I. The contract allows the entity, referred to as the Seller, to request that Blockstream Capital Partners make the payment instead.
The payment schedule requires an initial $10 million to be paid on or before Sept. 19, with the remaining $5 million due by Dec. 1. The agreement outlines that a delay of more than seven days would strip the other parties of specific legal protections, automatically voiding releases provided by Cantor Equity Partners I, its SPAC subsidiaries, and the sponsor, alongside related covenant-not-to-sue provisions.
The July 16, 2025 business combination agreement, as amended on March 25, 2026, was fully terminated along with its ancillary documents. Subscription agreements tied to pending private placements also terminated automatically, and Cantor Fitzgerald's engagements as a placement agent and financial adviser have ended. BSTR Holdings and BSTR Newco stated their intention to withdraw the Form S-4 filed for the transaction.
The unwind removes the merger, financing, and registration framework for the proposed listed vehicle, which originally contemplated a 30,021 BTC treasury and private financing upon its announcement. Termination materials did not report a Bitcoin sale or indicate that the proposed treasury was transferred into a completed public company.
BSTR stated that it plans to continue active Bitcoin treasury management outside the abandoned Cantor transaction, including yield and alpha strategies. In an issuer press release filed with the SEC, the company pointed to pricing pressure in Bitcoin markets, listed Bitcoin treasury vehicles, and capital-market dislocation as factors limiting strategies utilizing convertible bonds and perpetual preferred equity.
