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Leading the launch of a $3.9 billion Bitcoin investment fund, CEP stock has risen 134% over the past week.
According to CoinWorld news, on April 25, Cantor Equity Partners, an investment firm under the cryptocurrency-friendly company Cantor Fitzgerald, saw its stock soar 50% on Thursday after reports emerged that it plans to merge into a new Bitcoin-based company. Yahoo Finance data shows that the recent trading price of Cantor Equity Partners (CEP) shares was $24.80 each, rising 134% over the past week. CEP is a special purpose acquisition company (SPAC) — these companies are formed to help other businesses go public through acquisitions or mergers. On Wednesday, the company announced plans to establish 'Twenty One' through a SPAC merger. This will become a publicly listed company centered around Bitcoin, with initial reserves exceeding 42,000 Bitcoins — valued at over $3.9 billion at current prices, backed by Tether, Bitfinex, as well as investment firms Cantor Fitzgerald and SoftBank Group. The company is led by Brandon Lutnick, son of the U.S. Secretary of Commerce, and plans not only to hoard Bitcoin (allowing investors to gain exposure to the related assets without actually holding them) but also to provide Bitcoin-related financial services and create a cryptocurrency content and media platform.
