Twenty One Goes Public via SPAC Merger at $3.6B Valuation
Bitcoin giant Twenty One is launching with a bang—going public through a merger with Cantor Equity Partners (CEP), a SPAC backed by Cantor (also tied to Tether). The $3.6B deal brings big players: Tether, Bitfinex, and SoftBank will collectively contribute $3B in BTC and cash in exchange for equity, giving Twenty One a starting stash of 42,000 BTC—making it the third-largest corporate holder after Strategy (MicroStrategy) and MARA.
Leadership: Jack Mallers (Strike) as CEO
Ownership: Tether & Bitfinex (majority), SoftBank (sizable minority)
Financing: $585M secured—$385M in notes ($13 conversion price) + $200M PIPE ($10/share)
Bonus: Tether will buy BTC with net proceeds and resell to Twenty One at cost
Led by Brandon Lutnick (Howard Lutnick’s 27-year-old son), Cantor is stepping into a bold new crypto chapter.
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