Woofun AI reports that the Bitcoin Standard Treasury Company (BSTR), led by Adam Back, has terminated the original merger terms with Cantor Equity Partners, a special purpose acquisition company (SPAC) backed by Cantor Fitzgerald. This strategic pivot halts negotiations for the planned public offering, replacing the initial agreement with a mandate to draft new terms that better reflect current market realities.

The restructuring follows a Wednesday announcement confirming the abandonment of the 2025 merger agreement. Originally, the deal required BSTR to contribute more than 30,000 Bitcoin (BTC) alongside $1.5 billion in PIPE (Private Investment in Public Equity) financing. Although the US Securities and Exchange Commission (SEC) recognized the registration statement in June, the shareholder meeting scheduled for Friday to approve the transaction was postponed indefinitely, with both parties promising further details in due course.

Structurally, this delay reflects a broader shift in Cantor’s approach, which is no longer exclusively focused on Bitcoin treasury companies like BSTR and Twenty One Capital, the latter having completed a $3.6 billion merger with Cantor in 2025. Per Woofun AI, industry skepticism is mounting, with Institutional Investor noting Cantor is allowing itself significant flexibility in these deals. Kristi Marvin, founder and CEO of SPACInsider, remarked that "A Bitcoin treasury SPAC doesn’t look so good now," though she left room for potential recovery six months from now.

This uncertainty coincides with the recent market debut of Securitize on the New York Stock Exchange (NYSE) via a similar SPAC deal with Cantor Equity Partners II. Despite SEC approval in June and shareholder sign-off, the shares, trading under the ticker SECZ, fell to $7.42 on Wednesday. This price represents a 40% decline from its July 2 closing price of $12.30, underscoring the volatility facing tokenization firms with $4 billion in assets under management as they navigate public markets.