$BTC
Twentyone Capital announced that it expects to receive approximately 5,800 additional Bitcoin from Tether upon the completion of its business combination with Cantor Equity Partners (CEP), bringing the firm's total Bitcoin holdings to over 43,500.
This deal will position Twentyone to own what it describes as the third-largest corporate Bitcoin treasury globally, with the Bitcoin acquired at an average combined cost of $87,280.37 per coin. Upon listing, each share is expected to represent approximately 12,559 satoshis.
The additional Bitcoin comes from Tether's purchase of 1,381 Bitcoin under the June subscription agreements and a prior commitment to purchase 4,422 Bitcoin under the business combination agreement with CEP.
Twentyone plans to introduce a Bitcoin Per Share (BPS) performance metric to track the amount of Bitcoin represented by each share. The company intends to hold Bitcoin on its balance sheet as part of its treasury strategy, with custody handled transparently on the blockchain.
“We believe Bitcoin deserves a public company worthy of its spirit,” said Jack Mallers, co-founder and CEO of Twentyone. “Twentyone is a new kind of public company: built on Bitcoin, backed by proof of concept, and driven by a vision to reshape the global financial system.”
Upon closing, Twentyone will be majority-owned by Tether and Bitfinex, with SoftBank Group retaining a significant minority stake. The remainder will be held by PIPE investors, CEP public shareholders, and Cantor Fitzgerald.
Twentyone has filed a confidential draft registration statement on Form S-4 with the Securities and Exchange Commission and seeks to trade under the symbol “XXI.” The business combination remains subject to customary closing conditions, including CEP shareholder approval.
