BlockBeats News, April 25th, Cantor Equity Partners, an investment firm affiliated with cryptocurrency-friendly company Cantor Fitzgerald, saw its stock price surge 50% on Thursday after news that it plans to merge into a new Bitcoin-based company.
Yahoo Finance data shows Cantor Equity Partners' stock (CEP) recently traded at $24.80 per share, up 134% in the past week. CEP is a Special Purpose Acquisition Company (SPAC) - a type of company formed to help other businesses go public through acquisitions or mergers.
On Wednesday, the company announced plans to establish "Twenty One" through a SPAC merger. This will become a publicly traded company with Bitcoin at its core, holding an initial reserve of over 42,000 bitcoins - worth over $3.9 billion at current prices, with funding from Tether, Bitfinex, and investment firms Cantor Fitzgerald and SoftBank Group. Led by Brandon Lutnick, son of the U.S. Secretary of Commerce, the company plans not only to accumulate Bitcoin (allowing investors to gain exposure without holding the asset directly) but also to provide Bitcoin-related financial services and create a cryptocurrency content and media platform.
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