Morning Edition · Thursday, July 9, 2026
Adam Back's Bitcoin Treasury Firm Scraps Its SPAC Merger as Funding Terms Come Under Strain
Bitcoin Standard Treasury and Cantor's blank-check vehicle abandoned their original deal and postponed the shareholder vote indefinitely, a sign of stress in the debt-funded accumulation model.
Bitcoin Standard Treasury, the accumulation vehicle led by the cryptographer Adam Back, and Cantor Equity Partners, a special-purpose acquisition company (SPAC), will not complete their merger under the terms agreed in 2025, CoinDesk report…
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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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