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The whole lifecycle, verified against the filings.
Terminated
No deal in this view states a value.
A terminated deal has no vote ahead of it. These are on the page so the record shows the ones that did not happen.
No effective-equity figure on file — none of 2 measured.
Too few quarters in this view to draw a cadence.
The parties walked away. The SPAC either found another target or wound up — its dossier says which.
| SPAC | Target | Segment | Value | Announced | Vote | SPAC price | Status | ARS | Delivers | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| MCGAYorkville Acquisition Corp. | Trump Media Group CRO Strategy (Cronos/CRO digital-asset treasury contributed by Foris Holdings KY Limited d/b/a Crypto.com and Trump Media & Technology Group Corp.) | Crypto | — | Aug 25, 2025 | $10.36 | -2.4% | Terminated |
The list is grouped by lifecycle stage and the sort orders rows inside a stage: a vote that has already passed and one still ahead are not the same list. An announced deal is not a closed deal — 2 of the combinations in our record were terminated. A premium to trust is a selling point, not a buying point — and once a vote has passed there is no redemption right left to price against. Every stage, target and figure here is read from the SEC filing that stated it; where a figure is missing it is missing from our record, and the page says so rather than estimating one.
0 of 2 deals in this view carry a dated vote or a stated close period. Where the Vote column is empty, the filings we hold state neither — that is a gap in our record, not a claim that the parties have no timetable.
Sorted inside each stage.
| CEPOCantor Equity INo date ahead | BSTR Holdings, Inc. | Crypto | — | Jul 16, 2025 | $10.76 | -0.5% | Terminated | 6161 | BSTR Holdings, Inc., operating as Bitcoin Standard Treasury Company (BSTR), is a pure-play Bitcoin treasury company designed to accumulate and hold Bitcoin long-term, with a mandate to maximize Bitcoin ownership per share for investors. The company was formed to catalyze the fusion of Bitcoin and capital markets, leveraging sophisticated capital markets instruments—including PIPE financing, preferred shares, and convertible notes—alongside innovative on-chain proofs of reserve to grow BTC-per-share as its flagship performance metric. BSTR planned to launch with 30,021 Bitcoin on its balance sheet, contributed by founding shareholders including renowned cryptographer Adam Back (who personally contributed 25,000 BTC) and Blockstream Capital (which contributed 5,021 BTC in-kind), immediately making it the fourth-largest publicly traded corporate Bitcoin holder globally, behind only Strategy, MARA Holdings, and Twenty One Capital. At launch prices, that initial stash was valued at over $3.5 billion. The company is led by Adam Back as CEO, a cryptography pioneer and inventor of the Hashcash proof-of-work algorithm that inspired Bitcoin's consensus mechanism, and also the CEO of Blockstream. The executive team includes President Katherine Dowling, Chief Investment Officer Sean Bill—a veteran investor who previously helped a U.S. pension fund make one of the first institutional allocations to BTC—and Chief Financial Officer Bob Stefanowski. The leadership combination brings deep credibility, track record, and unparalleled access to the Bitcoin community, positioning BSTR as a differentiated platform within the Bitcoin treasury space. The company's strategy centers on generating in-kind Bitcoin yield and building a suite of Bitcoin-native capital markets products and advisory services. BSTR chose to go public via a SPAC merger with Cantor Equity Partners I, Inc. (Nasdaq: CEPO), a special-purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald and chaired by Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick. CEPO raised approximately $200 million in its January IPO. The Business Combination Agreement was signed on July 16, 2025, with the combined entity expected to trade on Nasdaq under the ticker "BSTR." The deal included plans to raise up to $1.5 billion through PIPE financing—comprising $400 million in equity, $750 million in convertible notes, and $350 million in preferred stock—to acquire an additional 12,500 BTC, potentially elevating BSTR to the third-largest public Bitcoin holder. The SPAC route was selected to provide a faster path to public markets and immediate access to institutional capital for further Bitcoin accumulation. However, the original merger terms ultimately fell apart. By July 2026, BSTR scrapped the SPAC merger after failing to secure the $1.5 billion in financing, as Bitcoin had lost roughly half its value since its October all-time high, making institutional investors reluctant to back new Bitcoin treasury vehicles at depressed prices. CEPO announced it would not complete the business combination on the original terms, canceled the associated private placement investments, indefinitely postponed the shareholder meeting previously scheduled for July 10, 2026, and returned shares to CEPO shareholders whose redemption requests were pending. The parties indicated they were discussing a revised structure and amended terms intended to better reflect current market conditions, with any new agreement to be detailed in future SEC filings.more ▾less ▴ |