Bitcoin treasury news: Adam Back's SPAC merger with Cantor Equity Partners could come as soon as April

CoinDesk

by James Van Straten

February 24, 2026

AI-Generated Deep Dive Summary

Bitcoin Standard Treasury Company (BSTR), led by CEO Adam Back, is pressing forward with plans to go public via a Special Purpose Acquisition Company (SPAC) merger with Cantor Equity Partners I (CEPO). The deal, which could secure shareholder approval as early as April, would see BSTR debut with 30,000 bitcoins on its balance sheet. Of these, 25,000 coins would come from Back and other founding shareholders, while an additional 5,000 BTC would be contributed by early investors. Despite the recent volatility in the cryptocurrency market—Bitcoin has fallen to around $63,000, and crypto treasury companies have seen even sharper declines—Back remains optimistic. He believes a weaker Bitcoin price could work in BSTR’s favor by allowing the company to accumulate more bitcoins at discounted levels ahead of its listing. This strategy could strengthen BSTR’s balance sheet and position it for long-term gains if market conditions improve. The SPAC merger was first announced in summer 2025, amid a surge in crypto treasury companies aiming to replicate the success of Michael Saylor’s company. However, the broader cryptocurrency market has since faced significant challenges, including geopolitical tensions and macroeconomic uncertainty, which have dampened risk appetite. Despite these headwinds, Back attributes the Bitcoin price decline primarily to these external factors rather than structural issues within the crypto sector. Back also highlighted the role of crypto treasury companies in supporting the market by taking Bitcoin off the market through their accumulation strategies. While acknowledging that such companies tend to slow down during bear markets, he emphasized that this dynamic ultimately creates a long-term bullish catalyst for Bitcoin. The merger with Cantor Equity Partners represents an important milestone for BSTR as it seeks to establish itself as a major player in the crypto space. The company’s ability to navigate the current market downturn while

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Originally published on CoinDesk on 2/24/2026