Instead of a shareholder vote on July 2, Adam Back will now have to wait until at least July 10 before his Bitcoin Standard Treasury (BSTR) can decide to advance its merger with Cantor Equity Partners.

The third postponement in just a couple of weeks is the latest fork in the road for Back, whose Bitcoin treasury company remains locked in private placement talks for financing of up to $1.5 billion.

Why did Bitcoin Standard Treasury push back its shareholder vote again?

The Bitcoin Standard Treasury shareholder vote for the Cantor Equity merger continues to still be held up by the same thing that caused the first two postponements: final terms still need to be reached on private investment in public equity (PIPE) commitments.

So far, the vote has moved from the June 26 date that was originally set to July 2. Today’s adjournment has pushed it back by another week to July 10, assuming the final terms are agreed by then.

The redemption deadline, which is the time that SPAC shareholders can cash out before the deal closes, has also been extended to July 8.

BSTR’s Nasdaq listing hinges on this deal

Adam Back’s Bitcoin Standard Treasury will list on Nasdaq with a 30,021 BTC stash if the merger clears.

Ironically, the postponements are not the only unusual parts of this deal. BSTR itself has described the proposed merger as the first major in-kind Bitcoin PIPE in a SPAC transaction because investors are putting actual Bitcoin (5,021 BTC) into the deal. Cash is the traditional way these kinds of deals are settled.

Adam Back and Blockstream Capital make up the rest of the 30,021 BTC stash with previously accumulated 25,000 tokens.

Cantor Equity Partners I, the SPAC side of the deal, is sponsored by a Cantor Fitzgerald affiliate and chaired by Brandon Lutnick, the son of the US Secretary of Commerce. The vehicle raised roughly $200 million during its January 2026 IPO, and that trust capital sits alongside the larger PIPE as a secondary funding layer.

The merger has missed a few expected closing dates since it was first announced in mid-July 2025, with a target close in Q4 of that year.

How large is BSTR’s treasury?

At 30,021 BTC, BSTR would debut as the fifth-largest public Bitcoin treasury, according to BitcoinTreasuries.net data. Strategy leads with 847,363 BTC, followed by Twenty One Capital at 43,514, Metaplanet at 40,177, and MARA Holdings at 36,303.

Back has ambitions beyond fifth place. JAN3 CEO Samson Mow estimated in late June that the full $1.5 billion, deployed at prices near $62,500, would buy roughly 23,500 additional coins and push BSTR’s total past 53,500 BTC, enough for second place behind Strategy.

Bitcoin is not so hot at the moment

BSTR is entering a different market than the one that spawned it. Bitcoin trades near $58,600 as of July 1, 2026, roughly half its October 2025 record above $126,000. Strategy’s shares fell below $100 this past week for the first time since March 2024, and the firm has slowed its buying pace, adding just 520 BTC recently while it presented a formal plan to build up its cash reserves.

The share of new Bitcoin buying from treasury companies other than Strategy dropped from about 95% in October 2025 to around 2% today, according to CNBC data.

The slow market could eventually work out perfectly for Back and Bitcoin Standard Treasury though, as any purchases at this point will be below the cost basis of the competition.

All of those hypotheticals depend on whether the July 10 date holds, which would mean that the involved parties reached a resolution in the PIPE negotiations in the next 9 days.

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