According to the 8-K Form, 21 capital purchased 4,812 Bitcoin (BTC) on May 9 for around $458.7 million. Submit With the US Securities and Exchange Commission (SEC).
The acquisition, which averages a price of $95,319.83 per BTC, was carried out in connection with a combination business agreement between Twenty One and Cantor Equity Partners, a special purpose acquisition company supported by Cantor Fitzgerald.
Pipe Finance
The purchased Bitcoin was initially acquired by Tether and placed in a designated wallet pending until the end of the pipe (private investment in public equity). Tether will transfer Bitcoin to 21 at the end of the proposed transaction, based on the terms established in the Co-op Agreement.
The pipe finance structure includes $385 million in Convertible Senior Secured Note and $200 million in common stock.
Net income from these offerings is primarily designated for additional Bitcoin purchases.
We also maintain the optional clause that within 30 days of the initial trading day, we raise an additional $100 million or more with convertible notes up to $100 million.
Bitwise head of Alpha Strategies, where Jeff Park commented on the timing and size of the purchase; I’m saying The 21 capitals said, “We basically snapped 0.5 yards of BTC within two weeks of the announcement.”
Release of Bitcoin Treasury Strategy Anchors
With this acquisition, Twenty One Capital is the 17th largest company Bitcoin holder worldwide, ranking fifth among private companies based on data from. Bitcoin Treasures.
The company is expected to own more than 42,000 BTC at launch, lagging behind only the strategy alone and a few other companies Bitcoin reserves.
Twenty One is formed as part of a business combination with Cantor Equity Partners and is backed by Tether, Bitfinex, and SoftBank Group. Rather than tracking traditional stock metrics, the company is configured to operate as a Bitcoin native public body focused on maximizing ownership per ownership of Bitcoin.
The company’s business model includes developing Bitcoin native financial products, capital market tools and corporate infrastructure in line with Bitcoin’s financial properties.
After the transaction ends, Twenty One will trade under the “XXI” ticker. Until then, Cantor Equity Partners shares will continue to trade on NASDAQ under “CEP.”