Twenty One Capital's Bitcoin accumulation vehicle BSTR, backed by Adam Back, has terminated its original merger agreement with Cantor Equity Partners I and is renegotiating terms for a new business combination. The move signals that the deal economics agreed to earlier no longer hold up under current market conditions. This makes BSTR one of several Bitcoin treasury companies finding that the SPAC route to public markets is proving harder to execute than anticipated.
SPAC deals that get renegotiated mid-process are a red flag — they typically mean the original valuation was too rich or the market appetite has cooled, and the revised terms usually favor the acquirer less. For investors watching the wave of Bitcoin treasury companies trying to go public, this is evidence that the model faces real execution risk, not just price risk. Cantor Equity Partners (CEI) shares are directly exposed, and the broader basket of Bitcoin proxy stocks could see sentiment pressure.
Watch for: Any SEC filing from Cantor Equity Partners I (CEI) announcing revised merger terms or a new definitive agreement — no fixed date set yet. Also monitor: next Bitcoin price move above or below key levels (~$90K-$95K range) which will directly influence whether new terms can be agreed upon.
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