Shareholders of Cantor Equity Partners I Inc. will now vote on its merger with BSTR Holdings Inc. on July 2, pushing back the original June 26 date. A statement from New York attributed the delay to previously disclosed private placements. This SPAC, managed by a Cantor Fitzgerald affiliate, first agreed to the combination last July.

Adam Back leads BSTR, a digital-asset treasury firm. The deal faces a tough market as Bitcoin recently dropped below $60,000, signaling a bearish trend. This price drop hurts digital-asset treasuries, which often see valuations crash alongside token prices. Such volatility makes these strategies dilutive for shareholders during new mergers.

Market pressure is mounting for companies that hoard cryptocurrency. Even Michael Saylor's Strategy Inc. faces demands to stop buying Bitcoin because of business model disruptions. This deal comes as Back denies claims by the New York Times that he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The delay reflects broader volatility in the crypto sector.