PANews reported on May 14 that according to The Block, Twenty One Capital (stock code CEP), a cryptocurrency investment company backed by Cantor Fitzgerald, Tether and SoftBank, has purchased 4,812 bitcoins worth $458.7 million, the first of many buy orders the company has committed to. A securities filing on Tuesday showed that stablecoin issuer Tether completed the purchase shortly after Twenty One Capital was established. The transaction is based on an agreement to use the total proceeds from subscription agreements related to the issuance of convertible bonds by publicly traded entities. The initial allocation, referred to in the "Initial PIPE Bitcoin" transaction, has been transferred to a wallet controlled by Tether. Once the business merger is completed, Tether will sell the bitcoins to the listed company for $458.7 million.
Twenty One Capital was formed through a SPAC merger with Cantor Equity Partners. At its inception, its balance sheet held $3.6 billion worth of Bitcoin, making it the third largest Bitcoin holder among listed companies.
