Twenty One Capital becomes top Bitcoin holder with $458.7M purchase ahead of public listing

Twenty One Capital has purchased 4,812 Bitcoins (BTC) connected May 9 for astir $458.7 million, according to an 8-K Form filed with the US Securities and Exchange Commission (SEC).

The acquisition, made astatine an mean terms of $95,319.83 per BTC, was executed successful transportation with a concern operation statement betwixt Twenty One and Cantor Equity Partners, a special-purpose acquisition institution backed by Cantor Fitzgerald.

PIPE financing

The purchased Bitcoin was initially acquired by Tether and placed successful a designated wallet pending the adjacent of the PIPE (private concern successful nationalist equity) financing. Tether volition transportation the Bitcoin to Twenty One astatine the closing of the projected transactions nether presumption established successful the operation agreement.

The PIPE financing operation includes $385 cardinal successful convertible elder secured notes and $200 cardinal successful communal equity. 

The nett proceeds from these offerings are designated chiefly for further Bitcoin purchases.

The institution besides maintains an optional clause to rise up to $100 cardinal much successful convertible notes wrong 30 days of the archetypal transaction date.

Bitwise caput of alpha strategies Jeff Park commented connected the timing and standard of the purchase, saying that Twenty One Capital “basically snapped up fractional a gait of BTC wrong 2 weeks of its announcement.” 

Bitcoin treasury strategy anchors launch

With this acquisition, Twenty One Capital has go the 17th-largest firm Bitcoin holder globally and ranks 5th among backstage companies, based connected information from Bitcoin Treasuries.

The institution expects to clasp much than 42,000 BTC astatine launch, positioning it down lone Strategy and a fewer others successful full firm Bitcoin reserves.

Twenty One was formed arsenic portion of a concern operation with Cantor Equity Partners and is backed by Tether, Bitfinex, and SoftBank Group. The steadfast is structured to run arsenic a Bitcoin-native nationalist entity, focused connected maximizing Bitcoin ownership per stock alternatively than tracking accepted equity metrics.

The firm’s concern exemplary besides includes processing Bitcoin-native fiscal products, superior marketplace tools, and firm infrastructure aligned with Bitcoin’s monetary properties. 

Twenty One volition commercialized nether the “XXI” ticker aft the transaction is concluded. Until then, Cantor Equity Partners shares volition proceed to commercialized connected Nasdaq nether “CEP.”

The station Twenty One Capital becomes apical Bitcoin holder with $458.7M acquisition up of nationalist listing appeared archetypal connected CryptoSlate.