# 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.

- Published: 2026-07-09T05:44:35.901Z
- Canonical: https://polylog.news/crypto/2026-07-09/adam-back-s-bitcoin-treasury-firm-scraps-its-spac-merger-as
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [CoinDesk](https://www.coindesk.com/markets/2026/07/08/adam-back-s-bstr-scraps-original-spac-terms-seeks-new-deal), [Bitcoin Magazine](https://bitcoinmagazine.com/news/cantor-spac-adam-backs-bitcoin-treasury), [Bitcoin Magazine](https://bitcoinmagazine.com/news/schwab-strategist-backs-bitcoin-strategy)

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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