Tether dominates Twenty One Capital's controlling stake, holding 42.8% of the shares and more than half of the voting rights after the SPAC merger

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