Adam Back's Bitcoin Treasury SPAC Deal Returns to Negotiations
Today in crypto, Adam Back's Bitcoin treasury company heads back to the negotiating table over its planned SPAC merger with Cantor Equity Partners, the European Securities and Markets Authority launches a review of crypto custody providers following MiCA's transition and StarkWare CEO Eli Ben-Sasson reignites debate over Bitcoin's fixed 21 million supply cap.
The Bitcoin Standard Treasury Company (BSTR), founded by the Blockstream CEO, has scrapped the original 2025 merger terms with Cantor Equity Partners I and will negotiate a revised agreement. The move postpones a shareholder meeting set to approve the transaction, as both sides seek terms reflecting current market conditions.
Under the original deal, BSTR planned to contribute more than 30,000 BTC alongside .5 billion in PIPE financing. The SEC had already cleared the registration statement in June before the revision. The development follows tokenization company Securitize's recent NYSE debut through a separate Cantor-backed SPAC.
ESMA is launching a dedicated process for reviewing crypto custody providers under the Markets in Crypto-Assets (MiCA) framework. The common supervisory action will assess CASPs' digital operational resilience frameworks, focusing on key management and storage activities.
Meanwhile, StarkWare CEO suggests replacing Bitcoin's 21 million cap with a 4% annual issuance rate, sparking renewed debate in the crypto community about monetary policy and scarcity models.
What's your take on these developments? 👇
#Bitcoin #CryptoRegulation #SPAC