Bitcoin Standard Treasury Company (BSTR), led by Adam Back, and Cantor Fitzgerald-backed SPAC Cantor Equity Partners I (CEPO) have terminated their original merger agreement from July 2025. The decision comes amid a significant decline in Bitcoin prices and the stock values of crypto treasury-style public companies, which have pressured deal financing. The parties plan to renegotiate the merger terms to better align with current market conditions. The cancellation includes the PIPE financing arrangements, and CEPO's shareholder meeting set for July 10 has been postponed indefinitely. Shareholders' redemption requests will be revoked, with shares automatically returned without requiring investor action. BSTR, which holds over 30,000 bitcoins, initially aimed to go public through this merger, leveraging up to $1.5 billion in PIPE capital to expand its bitcoin holdings. Details of the new deal structure will be announced in regulatory filings once an agreement is reached. CEPO shares currently trade around $10.50.