Adam Back's Bitcoin treasury company, BSTR Holdings, has agreed with Cantor Equity Partners I (Nasdaq: CEPO) to terminate their business combination agreement signed on July 16, 2025. According to Foresight News, BSTR said Bitcoin and publicly listed Bitcoin treasury vehicles are still under significant pricing pressure, and the mismatch in market conditions has limited the use of leveraged tools such as convertible bonds and perpetual preferred shares.

The company said it still expects public-market Bitcoin allocation and leveraged investment opportunities to return as markets stabilize. BSTR co-founder and CEO Adam Back said CEPO and the Cantor team had been strong partners and that the termination was a mutual decision. He added that, despite current market conditions, the company still sees substantial demand for Bitcoin returns and has spent the past year building the capability to pursue that goal.

BSTR co-founder and chief investment officer Sean Bill said the team has brought together deep expertise in institutional investment and Bitcoin protocol development. He said the company will continue designing, building, and scaling institutional-grade investment strategies focused on Bitcoin returns and Bitcoin capital markets.