Traders piled further into shares of a blank-check company that’s set to become the latest publicly traded Bitcoin investment vehicle, bidding its expected market capitalization to around three times the estimated value of the cryptocurrency it would hold.

Cantor Equity Partners Inc.’s stock has climbed 197% since its April 22 close, the day before its announcement that the company had agreed to merge with Twenty One Capital Inc., a firm backed by stablecoin issuer Tether Holdings SA, its affiliate Bitfinex and SoftBank Group Corp. Shares in the special-purpose acquisition company, sponsored by an affiliate of Cantor Fitzgerald LP, closed at $31.50 on Friday.

The proposed deal includes a convertible debt offering after the closing, which would result in a merged company with 370.7 million shares outstanding, including the potential dilution if the conversion of debt into shares were triggered, according to an investor presentation. At the current share price, Twenty One would have a fully diluted market value of about $12 billion — far above the roughly $4 billion value of its expected Bitcoin holdings, based on the average price in the SPAC’s regulatory filings of $84,864 each.

Investors have driven up the share prices of publicly-traded companies acquiring cryptoassets, pioneered by Michael Saylor’s MicroStrategy Inc. The enterprise software company owns Bitcoin worth more than $50 billion, funding the purchases in part through the sale of convertible debt and preferred shares as well as conventional equity. Shares of Upexi Inc. have surged nearly 600% since it announced it was raising $100 million in a private placement to accumulate Solana tokens.

Interest in Cantor Equity Partners’ stock “speaks to the demand for these essentially proxy investment vehicles into Bitcoin by retail and institutional investors,” Keefe, Bruyette & Woods analyst Bill Papanastasiou said. He described investing in companies that are likely to be able to buy the token accretively as “essentially like betting on the fastest horse for Bitcoin exposure.”

Public SPAC shareholders are expected to own 2.7% of the outstanding shares, assuming no redemptions ahead of the closing of the deal and that the convertible debt is converted into shares when eligible, after about three years, according to the presentation. Tether is set to own 43% of the shares, with Bitfinex holding another 16%; SoftBank would have 24%; and the Cantor affiliate would have 1.9%.

“Given that they have all three of these companies, heavy hitters in the digital asset space, joining together to pursue this, I think the market is excited about it,” Papanastasiou said.