Adam Back‘s BSTR Holdings scrapped its SPAC merger with Cantor Equity Partners I (NASDAQ:CEPO) Wednesday after failing to raise $1.5 billion in financing.

What Fell Apart And Why

Bloomberg reported on Wednesday that BSTR and Cantor first agreed to merge in July 2025, with BSTR expected to debut with more than 30,000 Bitcoin (CRYPTO: BTC) on its balance sheet, making it one of the largest publicly traded corporate Bitcoin holders. 

The deal included plans to raise up to $1.5 billion through private investment in public equity financing to buy more Bitcoin.

The financing never came together.

Bloomberg reported last week that Cantor had already allowed some large investors to reduce their original commitments ahead of a shareholder vote as the transaction struggled to find backers. 

Bitcoin has lost roughly half its value since October’s all-time high, making investors far more reluctant to back new Bitcoin treasury vehicles at current prices.

Wednesday’s announcement formally scrapped the original agreement, canceled the private placement financing, indefinitely postponed a shareholder meeting that had been scheduled for July 10, and returned shares to CEPO shareholders whose redemption requests were pending. 

The companies said any revised deal will be detailed in future SEC filings if one is reached.

Back Previously Called a Weak Market a Buying Opportunity

Earlier this year, Back told CoinDesk that launching during a weaker Bitcoin market could actually benefit BSTR by letting it accumulate coins at lower prices ahead of a potential recovery. 

That framing hasn’t changed, but the inability to raise $1.5 billion from institutional investors shows the market disagrees with the timing.

BSTR is not alone. Across the broader Bitcoin treasury company space, shares of listed accumulators have slumped alongside Bitcoin itself, drying up the premium valuations that made equity-funded Bitcoin buying attractive in the first place.

CEPO Trades Near Key Support With Neutral Momentum

CEPO trades just above its major moving averages, sitting roughly 1.9% above the 20-day SMA at $10.46 and 1.5% above the 200-day SMA at $10.49. 

RSI sits at 53.09, a neutral reading that points to range-bound trading rather than a directional move in either direction.

Key support sits at $10.50, aligning with the 50-day EMA and the broader cluster of long-term averages. 

Holding that level keeps buyers in control. Losing it removes the only nearby structural floor the stock has.

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