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3d ago

Cantor SPAC Merger to Launch $3.9B Bitcoin Firm Twenty One, Shares Soar 134%

The bitcoin-focused company, backed by Tether, Bitfinex, and SoftBank, will debut with 42,000 BTC and trade under the ticker 'XXI'.

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Overview

  • Cantor Equity Partners announced a SPAC merger with Twenty One Capital to create a bitcoin-centric public company with a $3.9 billion BTC treasury.
  • The new entity, Twenty One, will be led by Strike CEO Jack Mallers and Brandon Lutnick, and is set to trade on Nasdaq under the ticker 'XXI'.
  • Pro forma ownership allocates 42.8% equity and 51.7% voting power to Tether, with additional stakes held by Bitfinex and SoftBank, and minimal dilution for public shareholders.
  • Cantor Equity Partners' stock surged 134% this week, reflecting strong investor enthusiasm for the merger and its potential impact on institutional bitcoin adoption.
  • Analysts see Twenty One's launch as a significant validation of corporate bitcoin treasury strategies, boosting sentiment for peers like MicroStrategy.