Morning Edition · Thursday, July 9, 2026
Adam Back's Bitcoin Treasury Firm Scraps Its SPAC Merger and Seeks New Terms
Bitcoin Standard Treasury and Cantor's blank-check vehicle postponed their shareholder vote indefinitely and pledged to renegotiate the structure amid financing strain.
Bitcoin Standard Treasury Company, the accumulation vehicle associated with Blockstream co-founder Adam Back, will not complete its merger with Cantor Equity Partners under the original July 2025 terms and has postponed its shareholder meet…
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Leveraged Bitcoin Treasury Vehicles Show Financing Strain
Over ~3-9 months, Bitcoin treasury companies face mounting financing stress as their funding instruments trade below par on dividend-coverage doubts, testing the sustainability of the debt/preferred-funded accumulation model.
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