Bitcoin treasury firm BSTR Holdings, founded by Adam Back, has just announced that it has reached an agreement with Cantor Equity Partners I (Nasdaq: CEPO) to terminate the business combination agreement signed by both parties in July 2025.

BSTR said that current pricing pressures still significantly affect Bitcoin and publicly listed Bitcoin treasury instruments. A mismatch in the market environment limits the effective use of leveraged strategy tools such as convertible bonds and perpetual preferred stock. However, the team still believes that as the market gradually stabilizes, Bitcoin allocations and leveraged investment opportunities in the public market will re-emerge.

Adam Back, co-founder and CEO of BSTR, emphasized that despite the unfavorable market conditions, the company still sees substantial demand in the market for Bitcoin returns, and has spent the past year refining the capability to achieve this goal. Sean Bill, co-founder and CIO, also noted that the team has assembled deep professional talent in institutional investing and the Bitcoin protocol space, and will continue to design, build, and expand institutional-level investment strategies aimed at Bitcoin returns and the development of Bitcoin capital markets.

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