Adam Back's Cantor Bitcoin Treasury Merger Vote Delayed Again to 10 Jul

Sandmark approached Cantor Equity Partners and BSTR Holdings for comment on the second delay, and had not received a response by the time of publication.

In a filing with the US Securities and Exchange Commission (SEC) on 30 Jun, Cantor Equity Partners said the vote, originally scheduled for 26 Jun and previously pushed back to 2 Jul, will now take place at 14:00UTC on 10 Jul. The deadline for shareholders to submit shares for redemption in connection with the deal has also been extended, to 21:00UTC on 8 Jul.

Cantor Equity Partners I is a special purpose acquisition company (SPAC) sponsored by an affiliate of investment bank Cantor Fitzgerald. A SPAC is a publicly listed shell company that raises money from investors before merging with a private business, allowing that company to go public without pursuing a traditional initial public offering (IPO).

BSTR Holdings is led by Bitcoin developer Adam Back and plans to operate as a Bitcoin treasury company, or DAT, meaning it intends to hold Bitcoin (BTC) as its primary corporate asset rather than using cash reserves or traditional investments.

Second delay

Cantor first postponed the vote on 24 Jun, citing private financing arrangements supporting the merger, without giving further details. Neither the 24 Jun nor the 30 Jun filing gives a reason for the latest postponement.

This second delay comes as Bitcoin (BTC) traded at around $58,800 at 09:40UTC on 1 Jul, up 0.5% in thin pre-market trading from Monday's close of $58,539, and as shares linked to Bitcoin treasury companies remained under pressure.

Another Cantor SPAC clears

A separate Cantor-sponsored SPAC deal reached the finish line this week. Shareholders of Cantor Equity Partners II approved its merger with tokenization platform Securitize on 29 Jun, and the combined company is due to begin trading on the NYSE under the ticker SECZ on 2 Jul.