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SPAC Merger

Adam Back's BSTR renegotiates Cantor SPAC after multiple delays

Adam Back’s BSTR renegotiates Cantor SPAC after multiple delays

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Adam Back’s Bitcoin Standard Treasury Company (BSTR) and Cantor Equity Partners I (NASDAQ: CEPO) have scrapped the terms of their year-old merger on Wednesday and postponed a shareholder vote indefinitely, restarting negotiations on how the Bitcoin treasury firm goes public.

Cantor Equity Partners I (CEPO) has said its BSTR deal will not close on the terms set in the business combination agreement dated July 16, 2025. Both sides are now discussing a new structure for the merger and amended terms meant to “better reflect current market conditions.”

The reset effectively kills the private placement financing, which was set to raise $1.5 billion, attached to the original merger.

A vote that never came to life

CEPO had initially planned its shareholder meeting for the 10th of July at 10 a.m. Eastern. But has now canceled the meeting. The company has asked shareholders to remain calm, and anyone who filed to redeem shares will have them returned.

The indefinite postponement comes after weeks of indecision on the part of the two companies. The vote was slated for June 26, then moved to July 2 and then to July 10, with each delay linked to unresolved terms on the private investment in public equity, or PIPE.

No deadline has been set for the redemption of shares.

Back sees the move as a strategic choice meant to position BSTR for more opportunities in the market. He wrote on X that BSTR and CEPO are working on a potential revised structure “intended to opportunistically better capitalize on market conditions.”

Back told CoinDesk early this year that going public in a softer Bitcoin market could help BSTR by letting it buy coins at lower prices before any recovery.

What BSTR was set to bring to the public market?

BSTR is a pure-play Bitcoin treasury company led by Adam Back. BSTR was set to go public on Nasdaq with 30,021 BTC, worth ~$1.9 billion at Wednesday’s price of ~ $62,000. CEPO’s market capitalization was $267.2 million during the merger process.

That stash would rank BSTR fifth among public corporate Bitcoin holders, behind Michael Saylor’s Strategy, Twenty One Capital, Metaplanet, and MARA Holdings.

Founders Back and Blockstream Capital were to supply 25,000 BTC, with a further 5,021 BTC coming in through the PIPE. Cryptopolitan noted BSTR had billed that arrangement as the first major in-kind Bitcoin PIPE in a SPAC deal, with investors contributing actual Bitcoin instead of cash.

CEPO is sponsored by an affiliate of Cantor Fitzgerald and chaired by Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick. The SPAC raised about $200 million in its January 2026 IPO.

What to watch next

Any new structure agreed by both companies would have to be reflected in fresh filings amending registration documents previously approved by the SEC. Then a vote can proceed. Until CEPO and BSTR make further announcements, BSTR’s path to Nasdaq remains open.

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OpenPayd pursues $1.1 billion Nasdaq listing while crypto rivals shelve IPO plans

OpenPayd pursues $1.1 billion Nasdaq listing while crypto rivals shelve IPO plans

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OpenPayd has announced a merger agreement with Titan Acquisition Corp. that would list the company publicly on Nasdaq at a valuation of roughly $1.1 billion. 

If OpenPayd follows through as planned, it would be a rare sighting of a crypto-linked firm advancing its listing plans after a string of digital asset and fintech companies recently paused or abandoned their own ambitions due to weak markets and falling token prices.

Which crypto firm is listing on the Nasdaq?

OpenPayd and Titan, a special purpose acquisition company (SPAC) trading on Nasdaq under the ticker TACHU, have signed a definitive business combination agreement that would list OpenPayd under the symbol “OP.” 

If no Titan shareholders redeem their holdings, OpenPayd stands to receive up to $276 million in gross proceeds from Titan’s trust account to expand its business and strengthen its finances.

The company reported annualized recurring revenue above $85 million as of March 2026 and processes more than $240 billion in annualized transaction volume. OpenPayd’s client list includes eToro, Kraken, and OKX, and it operates across more than 180 countries. The deal values OpenPayd at $1.1 billion.

The boards of both companies approved the deal unanimously. The final closing is expected in the fourth quarter of 2026, dependent on shareholder approval and other standard conditions.

OpenPayd’s CEO, Iana Dimitrova, said that the transaction is a major milestone that shows the strength of the company’s platform. Founder Ozan Ozerk added that he believes the next decade of finance will be driven by autonomous systems, and that going public will give his firm the money and mission to lead that market 

OpenPayd’s listing comes as crypto listing plans stall across the industry

OpenPayd’s timing stands out as several major crypto firms have delayed or shelved public offerings this year due to a decline in prices and a lack of investor interest.

Cryptopolitan reported that Consensys, the company behind the MetaMask Ethereum wallet, pushed its planned U.S. IPO to at least fall of 2026 after crypto markets dropped sharply earlier in the year. JPMorgan and Goldman Sachs were working on the offering.

Grayscale, one of the largest crypto asset managers and the firm behind the Bitcoin Trust ETF (GBTC), also paused its IPO preparations and is unlikely to restart before the fourth quarter. 

Kraken suspended its own multibillion-dollar IPO earlier in 2026, just months after raising $1.3 billion across two funding rounds that valued the exchange at over $20 billion. Cryptopolitan also previously reported that the hardware wallet maker, Ledger, paused a planned $4 billion listing.

BitGo is the only crypto-native firm to complete a U.S. IPO so far this year. The digital asset custodian raised about $213 million in January, but its shares now trade roughly 36% below the offering price.

Titan CEO Frank Mastrangelo called OpenPayd what he believes to be “the first publicly traded, pure-play global payments infrastructure platform at the intersection of traditional finance and digital assets,” per the joint announcement.

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$1.5 Billion Ethereum Treasury Ether Machine Deal Collapses

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The Ether Machine and Dynamix Corporation (NASDAQ: ETHM) have mutually terminated their business combination agreement, effective April 8, 2026.

In a post on X, the firm stated that the deal fell through due to unfavorable market conditions.

Ether Machine Cites “Unfavorable Market Conditions” as SPAC Merger Dies

The Ether Machine first unveiled plans to go public in July 2025, targeting more than $1.5 billion in fully committed capital and an initial treasury of more than 400,000 ETH.

The proposed deal drew backing from major industry players, including Pantera Capital, Kraken, and Blockchain.com.

However, the deal did not reach the finish line.

“The Ether Machine, a planned public company following a pending business combination with Dynamix Corporation (Nasdaq: ETHM) and The Ether Reserve LLC, together with certain other parties thereto, announced today that they have mutually agreed to terminate their previously announced Business Combination Agreement, effective immediately, as a result of unfavorable market conditions,’ the post read.

The termination comes as the crypto market continues to face headwinds. Asset prices have declined sharply since October, and Q1 2026 has added further pressure. 

While geopolitical tensions briefly lifted Ethereum, the token still remains nearly 55% below its all-time high set in August 2025.

Ethereum Price Performance.
Ethereum Price Performance. Source: BeInCrypto Markets

The impact is not limited to The Ether Machine. BitMine, the largest corporate ETH holder, is sitting on roughly $6.5 billion in unrealized losses, with its stock down 31.7% year to date. 

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The pattern extends beyond ETH as well. Bitcoin treasury firms have also faced pressure, with some moving to liquidate their holdings.

$50 Million Termination Fee and Indemnification Provisions

According to the 8-K filing with the SEC, the termination agreement includes mutual releases, a covenant not to sue, and non-disparagement clauses. The designated “Payor” also must pay $50 million to Dynamix within 15 days of the agreement’s effective date.

“The Termination Agreement further provides that the Payor will indemnify Dynamix, the Sponsor and their affiliates and the Berns Parties for certain losses arising out of or caused by or based upon certain actions brought by any ETHM Investor other than an ETHM Investor that is a SPAC Releasing Party and that Dynamix will indemnify Pubco, the Company, the Seller, the Payor and their affiliates and the Berns Parties for certain losses arising out of or caused by or based upon certain actions brought by any Dynamix shareholder, in their capacity as a shareholder, who is not an ETHM Investor,” the filing reads.

Dynamix has until November 22, 2026, to complete a business combination or face liquidation. If no deal is finalized, public shareholders will receive pro-rata redemptions from the trust account.

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