Adam Back’s Bitcoin treasury deal died, but its $15M obligation did not

Adam Back-led BSTR's plan to become a public Bitcoin treasury company through Cantor Equity Partners I, a special-purpose acquisition company, ended on Aug. 20. The collapse leaves a $15 million cash obligation with two fixed deadlines.

Under the executed termination agreement, BSTR Holdings (Cayman) must pay Cantor Equity Partners I. The entity, defined in the contract as the Seller, can request Blockstream Capital Partners to make the payment instead, in which case Blockstream Capital Partners must pay.

The first $10 million must be paid on or before Sept. 19, and the remaining $5 million on or before Dec. 1.

A delay of more than seven days would strip the other parties of specified legal protections granted by the Cantor side. The releases provided by Cantor Equity Partners I, its SPAC subsidiaries, and the sponsor would automatically become void, along with related covenant-not-to-sue provisions.

The Bitcoin treasury public structure is gone

The parties entirely terminated the July 16, 2025 business combination agreement, as amended on March 25, 2026, according to an SEC-filed current report. Its ancillary documents are no longer in force, while subscription agreements tied to pending private placements automatically terminated under their terms.