By Katherine Hamilton
Bitcoin company Twenty One Capital has agreed to go public through a $3.6 billion deal with special-purpose acquisition company Cantor Equity Partners.
The merger adds funding to a company aimed at accumulating and growing ownership of bitcoin. Twenty One, which is backed by Tether and SoftBank, expects to launch with more than 42,000 bitcoin, which would make it the third-largest bitcoin treasury in the world, it said.
The transaction gives Twenty One a $3.6 billion enterprise value, the companies said Wednesday. It is expected to provide $540 million in proceeds to Twenty One as the company also entered a subscription agreement with investors to raise $585 million of additional capital. Some of the net proceeds will be used to purchase additional bitcoin.
Shares of Cantor will continue trading on Nasdaq under the symbol CEP until the transaction closes. Twenty One will seek to trade under the ticker XXI.
Twenty One is structured to allocate capital to increase bitcoin per share. It plans to support financial products built with bitcoin and produce media about the cryptocurrency.
The company's performance metrics will include a bitcoin per share measurement, which reflects stockholders' per-share ownership in bitcoin, and a bitcoin return rate measurement, which represents Twenty One's performance in bitcoin.
Jack Mallers, who co-founded Twenty One, is set to be chief executive.
"Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time," Mallers said. "We're not here to beat the market, we're here to build a new one."
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
April 23, 2025 10:14 ET (14:14 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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