PANews reported on April 24 that SEC documents show that Twenty One Capital, a Bitcoin company supported by Tether, will hold 42.8% of shares and 51.7% of voting rights after SPAC merger and convertible bond conversion, firmly maintaining a controlling position; SoftBank holds 24% of shares, and Bitfinex holds 16%. In the total shareholding structure, PIPE and convertible bond investors collectively account for over 12%, while public SPAC shareholders account for only 2.7%. The Bitcoin company led by Jack Mallers will hold 42,000 BTC after the SPAC merger is completed, with a current market value of approximately $3.564 billion. The initial BTC was contributed by Tether (18,713 BTC), Bitfinex (7,000 BTC), and SoftBank nominally (10,500 BTC). The company will repay transition loans and fund operations through $340 million in convertible bonds, $171 million in PIPE financing, and $100 million in SPAC trust funds.
