Adam Back’s company, the Bitcoin Treasury, said on July 8 that Cantor Equity Partners I and BSTR would not complete the original July 2025 agreement. The parties are discussing a revised structure and amended terms. A shareholder meeting scheduled for July 10 was postponed indefinitely. Public shares submitted for redemption will be returned rather than redeemed. The original deal projected a balance sheet of 30,021 Bitcoin, up to $1.5 billion of fiat PIPE financing, 5,021 Bitcoin in‑kind PIPE, 25,000 Bitcoin from founding shareholders and up to $200 million from Cantor Equity Partners I, subject to redemptions. The financing relied on private placements, convertible notes, preferred stock and Bitcoin‑denominated commitments that required the transaction to close. With those placements no longer required to close, the focus shifted to whether new terms can attract the needed capital. The revised structure must address public‑shareholder redemptions, public float, liquidity, exchange listing, Bitcoin price volatility, competition, regulatory uncertainty and the difficulty of scaling Bitcoin accumulation. If the amended filing preserves the 30,021‑Bitcoin launch scale, maintains meaningful investor commitments and avoids excessive dilution, the treasury model may remain viable. Otherwise, the reset could signal that future Bitcoin treasury companies cannot rely on previous premium assumptions. BSTR’s revised terms will serve as a market test for investor willingness to fund Bitcoin‑linked public companies. The July 8 filing also listed risks including public‑shareholder redemptions, liquidity constraints, exchange listing requirements, Bitcoin price volatility, competition, regulatory uncertainty and scaling challenges.