Source: Cointelegraph
Original: “Tether Purchases $459 Million in Bitcoin (BTC) for Twenty One Capital”
Stablecoin issuer Tether has purchased $458.7 million worth of Bitcoin (BTC) for Twenty One Capital, a Bitcoin investment firm it supports. The company is awaiting the completion of a merger with Cantor Equity Partners through a special purpose acquisition company (SPAC).
Tether acquired 4,812.2 BTC at a price of $95,319 each and transferred them to a custody wallet on May 9. This information was disclosed by Cantor Equity Partners in a filing submitted to the U.S. Securities and Exchange Commission (SEC) on May 13.
This brings Twenty One Capital's total Bitcoin holdings to 36,312 BTC, as Cantor Equity Partners holds 31,500 BTC on behalf of the company. Once the SPAC merger is completed, the company will trade under the ticker symbol XXI.
Jack Mallers, CEO of Twenty One Capital, stated on May 13 that they are in the approval process for the merger but did not provide a specific timeline for the completion of the transaction.
According to data from BitcoinTreasuries.net, Twenty One Capital is already the third-largest corporate holder of Bitcoin, following Strategy and Bitcoin mining company MARA Holdings, which hold 568,840 and 48,237 BTC, respectively.
Tether is a major shareholder of Twenty One Capital, holding shares alongside cryptocurrency exchange Bitfinex. Wall Street heavyweight Cantor Fitzgerald is sponsoring the merger, providing financial advisory services and raising $585 million to support Twenty One Capital's Bitcoin investments.
Japanese investment holding company SoftBank has also invested $900 million in Twenty One Capital, which is led by Strike CEO Jack Mallers.
In a presentation filed with the SEC in April, Twenty One Capital stated that they aim to replace Michael Saylor's Strategy (formerly MicroStrategy) as the "better vehicle" for investors seeking "capital-efficient Bitcoin exposure."
The company is one of many that have purchased Bitcoin but promises to provide a "pure play" for investors seeking Bitcoin exposure through Bitcoin-native operations and more flexible strategic capital raising methods.
Twenty One Capital stated that its key success metric will be Bitcoin per share, rather than the traditional earnings per share metric, as they will prioritize purchasing Bitcoin over pursuing profits.
The goal of Twenty One Capital is to reach 42,000 BTC at launch. Early documents indicate that 23,950 BTC are expected to come from Tether, 10,500 BTC from SoftBank, and about 7,000 BTC from Bitfinex, which will be converted into equity at a price of $10 per share.
According to Google Finance, the stock price of Cantor Equity Partners (CEP) surged from $10.65 to $59.73 on May 2 but then fell back to $29.84. After the recent purchase, CEP rose another 5.2% in after-hours trading.
Related: Bitcoin (BTC) illiquid supply reaches 14 million, holders set new bull market record
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