The shareholder vote on the merger between Bitcoin Standard Treasury Company (BSTR) and Cantor Equity Partners I (CEPO) has been pushed back to July 10, 2026. It’s the second postponement in a matter of weeks, with the vote originally scheduled for June 26 before being moved to July 2, and now sliding again.

The redemption deadline has also been extended to July 8. The delays stem from ongoing discussions around private placement financing.

What the merger actually involves

BSTR is set to debut on Nasdaq with 30,021 Bitcoin on its balance sheet. Of that total, 25,000 BTC comes from the founders. That group includes Adam Back, the cypherpunk legend whose work is literally cited in the Bitcoin whitepaper, along with Blockstream Capital. The remaining 5,021 BTC arrives via an in-kind private investment in public equity, known as a PIPE.

Instead of investors putting in cash that then gets used to buy Bitcoin, they’re contributing actual Bitcoin directly into the deal. That makes this the first major in-kind Bitcoin PIPE financing in a SPAC transaction.

The total PIPE financing could reach up to $1.5B, with an additional roughly $200M available from the SPAC trust. CEPO raised approximately $200M during its IPO back in January 2026.

The deal was originally announced between July 16 and 17, 2025, with a target close in Q4 of the same year.

Why this keeps getting delayed

The specific culprit here is the private placement financing discussions. When you’re trying to line up $1.5B in PIPE commitments, every investor wants their terms finalized before a vote happens.

There’s also the redemption dynamic to consider. SPAC shareholders have the right to redeem their shares before a merger closes. Extending the redemption deadline to July 8, two days before the vote, gives those shareholders more time to decide.

The pattern of incremental postponements, from June 26 to July 2 to July 10, suggests the negotiations are progressing but not yet finished. Each delay is measured in days rather than months.

What this means for investors

If and when this merger closes, BSTR would immediately become one of the largest public Bitcoin treasury vehicles in existence, holding 30,021 BTC. The research indicates it could emerge as the fourth-largest public Bitcoin treasury upon launch.

The in-kind PIPE structure is particularly notable. If this deal closes successfully, it creates a proven blueprint for future SPACs and public offerings to incorporate Bitcoin directly into their financing.

The risk is execution. Every postponement creates uncertainty. SPAC redemptions can drain a trust’s cash reserves if enough shareholders decide to pull out, and prolonged negotiations around PIPE financing can lead to investor fatigue.