In a major crypto merger update, Cantor Equity Partners I has once again postponed the shareholder vote on its proposed merger with Bitcoin Standard Treasury (BSTR), the bitcoin treasury company backed by Blockstream CEO Adam Back.

The company board has now pushed the meeting to July 10 from the previously scheduled July 2. The vote was originally set for June 26, making this the second postponement in less than two weeks.

The company said the adjournment is intended to provide shareholders with additional time to vote on the proposed business combination. Alongside the delay, Cantor has also extended the redemption deadline for holders of its Class A shares to 5:00 p.m. ET on July 8. That’s just two days before the rescheduled meeting.

While the postponement is procedural, it temporarily delays one of the largest bitcoin treasury transactions announced this year. The deal could create a publicly traded DAT company with an enterprise value of approximately $4 billion. Here’s How

Cantor and Adam Back DAT Merger Delayed Again

Under the proposed transaction, Adam Back’s BSTR is expected to debut on Nasdaq under the ticker BSTR with 30,021 BTC on its balance sheet. The treasury will largely consist of bitcoin contributed by Adam Back and Blockstream-affiliated entities, alongside capital raised through institutional financing.

As per the SEC filings, the transaction includes approximately $1.5 billion in PIPE financing, comprising cash commitments and 5,021 BTC contributed in kind. This is combined with the SPAC’s trust account which is estimated at roughly $200 million, subject to shareholder redemptions.

BSTR has also disclosed ambitions to expand its holdings beyond 50,000 BTC. That’s a level that would place it among the world’s largest corporate bitcoin holders when treasury companies are rapidly scaling. Recently, Ethereum DAT Sharplink (SBET) entered Russell 2000 & 3000 Indexes in a show of its growing institutional prominence.

Another Test for the SPAC Market

The repeated delays are not uncommon in SPAC transactions, particularly those involving large institutional financings.

If BSTR launches with 30,021 BTC, it would immediately rank among the largest publicly traded corporate bitcoin treasuries. This comes at a time when treasury companies such as Bitmine are already expanding beyong holding.

Adam Back’s involvement also distinguishes the transaction from other treasury vehicles. Back, inventor of the Hashcash proof-of-work system referenced in Bitcoin’s original white paper, has increasingly backed listed companies pursuing bitcoin accumulation strategies across Europe and North America.

The transaction is also being closely watched because it represents another major bet by Cantor on bitcoin treasury businesses.

The proposed BSTR transaction marks Cantor’s second major crypto-focused SPAC deal. Its another SPAC Cantor Equity Partners II has entered into a business combination with tokenization firm Securitize, which went public on July 2.

Thus, if approved, a successful vote on July 10 would clear one of the final hurdles before the business combination closes. The merger would add another multi-billion-dollar DAT company, BSTR, to public markets at a time when institutional demand for bitcoin exposure continues.