Cantor, Adam Back Team Up to Launch Bitcoin Treasury Firm With $3.5 Billion in BTC

Cantor Equity Partners I (CEPO) terminated its planned merger with BSTR Holdings, saying it must renegotiate terms to reflect current market conditions. The July 2025 deal aimed to form a bitcoin treasury company and included a $1.5 billion PIPE, which was dropped. CEPO shares trade near $10.50. The article links the break to broader DATCO declines, citing MSTR, BMNR, ORBS, and XXI.

BSTR Holdings, led by Adam Back, terminated its SPAC merger with Cantor Equity Partners I (NASDAQ:CEPO) after failing to secure $1.5 billion in planned financing for a Bitcoin purchase. The private placement was canceled, a July 10 shareholder vote postponed indefinitely, and shares returned to CEPO holders with pending redemptions, per the companies and Bloomberg.

Bitcoin Standard Treasury Company (BSTR) and Cantor Equity Partners I (CEPO) said they will not complete their July 2025 SPAC merger under the original terms. They are negotiating revised merger structure, dropping the planned PIPE financing and postponing the July 10 shareholder meeting indefinitely. CEPO shares trade around $10.50, and any redemptions will be cancelled.

Bitcoin Standard Treasury Company (BSTR), led by Adam Back, plans to deploy up to $1.5 billion into Bitcoin after completing its SPAC merger with Cantor Equity Partners I (CEPO). According to JAN3 CEO Samson Mow, the funding would buy about 23,500 BTC at current prices, taking BSTR’s total to ~53,500 BTC. A June 26 shareholder vote precedes a Nasdaq listing.

AstraZeneca reported that a combination of durvalumab and Amgen's tarlatamab-dlle reduced the risk of death by 58% compared to durvalumab alone in a phase III trial for extensive-stage small cell lung cancer (ES-SCLC). The median overall survival was 21.1 months for the combination therapy versus 12.7 months for durvalumab alone.

AstraZeneca's trial showed IMFINZI plus tarlatamab-dlle improved median survival to 21.1 months vs. 12.7 months with IMFINZI alone in extensive-stage small cell lung cancer. The combination reduced death risk by 58% and progression risk by 66%. Results were consistent across subgroups, including brain metastases. AstraZeneca aims to redefine treatment standards. Data presented at ESMO Congress 2026.