According to insiders, Tether is set to contribute at least $1.5 billion in Bitcoin toward the deal, with SoftBank and Bitfinex covering the rest. Notably, Tether and Bitfinex are closely linked, sharing both a parent company and overlapping leadership.
To further fuel the investment, Brandon’s SPAC plans to issue $385 million in convertible bonds and launch a $200 million private equity raise to acquire even more Bitcoin.
In the end, the Bitcoin contributions from SoftBank, Tether, and Bitfinex will be converted into equity in Twenty One Capital. The private equity shares will be priced at $13 each, while the convertible bonds will be offered at $10 per share.
