#BitcoinSPACDeal BitcoinSPACDeal Successful Twenty One Capital-type deals create a snowball effect:

Other crypto players are also beginning to consider SPAC/IPO as a path to public capital

The number of investment funds and SPAC structures focused solely on BTC assets is increasing

Tether and Bitfinex transferred over 25,812 BTC (approximately $2.7 billion) to Twenty One Capital as part of a $3.6 billion SPAC deal.

Twenty One Capital, formed through a merger with Cantor Equity Partners, will start with more than 42,000 BTC — this will become the third largest Bitcoin treasury in the world.

Bitcoin Standard announced a planned listing on NASDAQ through a merger with a SPAC backed by Cantor Fitzgerald. After the deal is completed, it will have over 30,000 BTC on its balance sheet — this will be the fourth largest Bitcoin treasury among public companies.

ProCap BTC will merge with Columbus Circle Capital (CCCM), forming a public ProCap Financial with a Bitcoin treasury of $1 billion. $516.5 million in preferred equity and $235 million in convertible bonds have already been raised. Some of the funds have already been used to purchase BTC — about 4,932 BTC by the end of June 2025.

Parataxis Holdings is going public through a deal with SilverBox Corp IV, with a valuation of $400 million (with the potential to double). $31 million has already been raised, which will be used for the pre-purchase of Bitcoin.