The Austin-based firm anticipates receiving the bitcoin (BTC) upon closing its business combination with special-purpose acquisition company (SPAC) Cantor Equity Partners Inc. The new coins, alongside contributions from institutional investors announced since April, represent an influx worth about $680 million.

According to the team, these additions solidify Twenty One’s capital structure. This acquisition will position Twenty One as the world’s third-largest corporate bitcoin treasury holder. The company reported its blended average cost per bitcoin is $87,280.37. Upon listing, each share of Twenty One is expected to represent roughly 12,559 satoshis.

Twenty One said on Tuesday that it will utilize a Bitcoin Per Share (BPS) metric, enabling investors to track the bitcoin-denominated value each fully-diluted share represents directly. The company states its model provides bitcoin exposure without the liabilities or dilution risks associated with non-bitcoin-focused operating businesses.

Post-closing, the announcement notes that Tether and Bitfinex will own a majority of Twenty One. Softbank Group Corp. will hold a significant minority stake. The remaining equity belongs to PIPE investors, CEP public shareholders, and the sponsor, Cantor Fitzgerald. All bitcoin will be custodied transparently onchain with real-time proof of reserves, Twenty One’s release insists.

The 5,800 bitcoin includes 1,381 BTC purchased by Tether under June subscription agreements and 4,422 BTC from a pre-existing obligation tied to the CEP business combination. Twenty One confidentially submitted a draft S-4 registration to the U.S. Securities and Exchange Commission (SEC). Completion requires customary closing conditions, including CEP shareholder approval. The company seeks to trade under the ticker “XXI.”

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