According to Businesswire, ChainCatcher reports that the newly established Bit company Twenty One Capital, Inc. announced today that it has signed a final agreement with Cantor Equity Partners, Inc. (NASDAQ code: CEP). Upon completion of the business merger, Twenty One will be controlled by Tether and Bitfinex, with SoftBank Group holding a significant minority stake.
Twenty One and CEP have also signed subscription agreements with investors to raise an additional $585 million in total capital at the time of transaction completion, including (i) $385 million raised through convertible senior secured notes, and (ii) $200 million raised through private investment in public equity (PIPE) financing. The net proceeds from the PIPE financing will be completed simultaneously with the business merger and used to purchase additional Bit and for general corporate purposes.
Twenty One is expected to launch with a holding of over 42,000 Bit, which will make it the third-largest Bit reserve holder globally to date. Twenty One aims to accumulate Bit and increase per-share holdings, rather than simply tracking the Bit price.
