BSTR’s SPAC Bitcoin Reserve Deal Terminated

The collapse of this SPAC route matters less as a single failed listing than as a signal about how hard it has become to take a bitcoin-treasury-style vehicle public through that structure. The payment schedule, and Blockstream's potential backstop, effectively shift the question from public-market access to private-credit dependency. Whether BSTR meets those obligations without that support is the open question, and it sits against a broader chill in reserve-company vehicles.