A Cantor Fitzgerald-backed blank-check company and Adam Back’s Bitcoin investment company scrapped the original terms of their planned merger and will negotiate a revised deal, as a tougher market for crypto challenges Bitcoin treasury companies.

A blank-check company associated with Cantor Fitzgerald is trying to get investors to support an upcoming crypto deal by allowing them to commit less money than they had initially pledged.

A closely watched vote on a tie-up between a Cantor Fitzgerald-linked company and a digital-asset treasury firm led by Adam Back has been delayed.