Cantor Equity Partners I, Inc. Class A Ordinary Shares

Cantor Equity Partners I, the special-purpose acquisition company sponsored by Cantor Fitzgerald, is allowing large investors who had pledged to invest in its planned merger with bitcoin treasury platform BSTR Holdings to reduce their commitments to about a third of the initial amount, Bloomberg News reported, citing a document it reviewed. The move comes as bitcoin has slid 44% over the past year, cutting the value of the 30,021 bitcoin that were expected to be on the combined company's balance sheet from roughly $3.58 billion at the time of the deal announcement last July to approximately $1.80 billion. The deal originally anticipated $1.5 billion in private investment in public equity financings and about $200 million from the SPAC. Earlier this week, the SPAC postponed a shareholder vote on the combination from Friday to Thursday, July 2, and said it continues to solicit proxies with the same proposed resolutions.

A shareholder vote on the planned merger between Cantor Equity Partners I Inc., a special purpose acquisition company linked to Cantor Fitzgerald, and BSTR Holdings Inc., a digital-asset treasury firm led by Adam Back, has been postponed to July 2 from June 26. The delay was attributed to previously disclosed private placements entered into by Cantor Equity Partners. The deal comes amid heightened scrutiny of digital-asset treasury companies, whose public market valuations have declined alongside cryptocurrency prices, making the strategy dilutive to shareholders. BSTR, which stands for Bitcoin Standard Treasury Company, agreed to combine with the SPAC last July, with Back serving as its chief executive officer.