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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
07/09/2026

Adam Back’s BSTR SPAC Restructure, EU Crypto Custody Review, and Bitcoin Supply-Cap Debate

What happened: Adam Back’s Bitcoin Standard Treasury (BSTR) and Cantor Equity Partners I formally scrapped their original July 2025 SPAC merger terms, postponing the shareholder vote indefinitely and

Adam Back’s BSTR SPAC Restructure, EU Crypto Custody Review, and Bitcoin Supply-Cap Debate

What happened: Adam Back’s Bitcoin Standard Treasury (BSTR) and Cantor Equity Partners I formally scrapped their original July 2025 SPAC merger terms, postponing the shareholder vote indefinitely and dropping the PIPE component. The move comes as the EU’s ESMA launches a bloc-wide supervisory review of crypto custody and operational resilience, following the MiCA regulatory phase-in. Separately, StarkWare CEO Eli Ben-Sasson proposed replacing Bitcoin’s 21M supply cap with a 4% annual issuance rate to offset lost coins, sparking heated community debate.

Why it matters: The BSTR SPAC restructure signals shifting deal dynamics for crypto capital markets, with PIPE investor reluctance and regulatory uncertainty playing a role. ESMA’s custody review marks the first coordinated EU-level scrutiny of crypto asset safekeeping, raising the bar for compliance post-MiCA. The supply-cap debate, though not a formal governance proposal, highlights ongoing tensions between economic orthodoxy and pragmatic network maintenance as lost BTC estimates mount.

Source: Cointelegraph, CoinDesk, Bloomberg