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Citing “challenging market conditions,” BSTR Holdings, a firm co-founded by the CEO of the Montreal Bitcoin company, announced it has terminated its agreement to merge with special-purpose acquisition company Cantor Equity Partners. The combined company was supposed to hold bitcoin on its balance sheet and sell capital markets products and advisory services. (The Logic)
Talking point: Crypto treasury companies—essentially publicly traded wrappers for holding digital assets—were the hot trend of 2025, trading at huge premiums to the value of their balance sheets. By June 2026, the premium above net asset value they once commanded had mostly disappeared, making it harder for them to sell new shares and use the proceeds to buy more crypto. Back was already a prominent figure in the Bitcoin world when he announced plans to form BSTR in 2025. An April investigation by The New York Times that named him as the likely secret identity of pseudonymous Bitcoin founder Satoshi Nakamoto added even more star power.
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