Cantor Equity Partners I has postponed its shareholder vote on its proposed merger with Bitcoin Standard Treasury Company (BSTR) from June 26th to July 2nd, delaying a transaction that would take Adam Back's Bitcoin treasury company public on the Nasdaq.

The special purpose acquisition company (SPAC), sponsored by an affiliate of Cantor Fitzgerald, said the postponement is related to previously disclosed private placement transactions. 

If approved, the merger would launch BSTR with 30,021 Bitcoin.

The company has stated that its initial Bitcoin treasury will consist of 25,000 Bitcoin contributed by founding investors and an additional 5,021 Bitcoin raised through an in-kind financing transaction settled in Bitcoin.

The delay comes as several publicly traded Bitcoin treasury companies have experienced declines in their share prices in recent weeks. 

Some companies are trading near the value of their Bitcoin holdings, affecting the economics of raising additional capital through equity offerings.

Strategy, the largest publicly traded corporate Bitcoin holder, recently acquired 520 Bitcoin, increasing its holdings to 847,363 Bitcoin. The company also reported approximately $1.4 billion in U.S. dollar reserves.

Following the merger, BSTR has stated that it intends to raise up to $1.5 billion to acquire additional Bitcoin.

JAN3 CEO Samson Mow estimated that deploying the full amount could allow BSTR to acquire approximately 20,000 to 25,800 additional Bitcoin. 

Based on current holdings reported by public Bitcoin treasury companies, that would increase BSTR's total holdings to roughly 51,521 to 55,821 Bitcoin, placing it behind only Strategy if no other holdings change before then.

Bitwise Europe Head of Research André Dragosch said the proposed merger could be one of the biggest Bitcoin catalysts this summer outside of macroeconomic developments.

The merger remains subject to shareholder approval at the rescheduled July 2nd meeting. The amount of capital ultimately available for future Bitcoin purchases will also depend on shareholder redemptions prior to the transaction's closing.