BSTR Vote Delayed to July 2, Stalling Adam Back’s Bitcoin Treasury Ambitions
Cantor Fitzgerald’s SPAC postpones the BSTR vote, hindering Adam Back’s bid to become the second-largest Bitcoin treasury.
The shareholder vote for BSTR, a proposed publicly traded Bitcoin treasury company backed by Blockstream CEO Adam Back, has been delayed to July 2. The postponement was announced by Cantor Fitzgerald’s special purpose acquisition company (SPAC), which is handling the merger.
Background on BSTR and Adam Back’s Goal
BSTR aims to become a significant corporate Bitcoin holder, potentially challenging MicroStrategy as the second-largest publicly traded Bitcoin treasury. The delay stalls Adam Back’s push to advance this initiative, as the vote was originally scheduled earlier.
- Adam Back is a prominent Bitcoin developer and CEO of Blockstream.
- Cantor Fitzgerald’s SPAC is facilitating the merger to create BSTR.
- The delay pushes the decision to early July.
As of now, no further details on the reason for the delay have been provided by Cantor or Blockstream. The outcome of the vote will determine whether BSTR can proceed with its Bitcoin treasury strategy.