tl;dr
Twenty One, a new publicly traded Bitcoin company formed through a planned SPAC merger with Cantor Equity Partners, has nearly $459 million worth of Bitcoin already in its treasury, purchased by Tether. Tether bought 4,812.22 BTC at an average price of $95,319.83 per coin, which will be sold to Twen...
Twenty One, a new Nasdaq-listed Bitcoin company formed through a SPAC merger, will begin with nearly $4.4 billion in Bitcoin treasury funded by Tether's recent $459 million BTC purchase.
The company, majority-owned by Tether and Bitfinex with SoftBank as a minority stakeholder, plans to offer Bitcoin lending and other financial services under CEO Jack Mallers.
Twenty One aims to raise $600 million through convertible notes and private equity to expand Bitcoin holdings and support corporate operations.
Bitcoin's price rebounded above $104,000 amid easing U.S.-China tariffs, encouraging companies like Twenty One and others to build strategic Bitcoin reserves.
Tether, having reported over $1 billion in Q1 revenue, is leveraging its capital to back Twenty One and its expansion into Bitcoin financial products.
Tether purchased 4,812.22 BTC at an average price of $95,319.83 per coin, which Twenty One will acquire at the same price after the merger.
The new company, created in collaboration with Tether, Bitfinex, Cantor Fitzgerald, and SoftBank Group, plans to launch with over 42,000 Bitcoin valued at about $4.4 billion.
Twenty One’s raised funds — $385 million from convertible senior notes and $200 million via private equity — will finance more Bitcoin purchases and general corporate purposes.
Shares of Twenty One will trade under the ticker XXI upon completion of the merger, positioning it as a significant player in the Bitcoin financial services sector.