Cantor Equity Partners (CEP), a special purpose acquisition company (SPAC) affiliated with Cantor Fitzgerald, has announced a significant $458.7 million Bitcoin acquisition as part of a merger with Twenty One Capital, a new Bitcoin-focused investment firm. This transaction involves a complex business combination with Tether Investments, the El Salvador affiliate of stablecoin issuer Tether, and iFinex, the parent company of Bitfinex. Tether purchased approximately 4,812 BTC at an average price of $95,319, with the tokens held in escrow to be sold to the merged company. Blockchain data indicates that the escrow wallet received the tokens from a Bitfinex hot wallet on May 9, and the wallet’s Bitcoin holdings are currently valued at around $500 million.
Twenty One Capital is being launched by Brandon Lutnick, son of U.S. Commerce Secretary and Cantor Fitzgerald chairman Howard Lutnick, via a SPAC structure using Cantor Equity Partners. The company will be led by Strike CEO Jack Mallers and will be majority-owned by Tether and iFinex, with SoftBank taking a significant minority stake. The company plans to launch with over 42,000 BTC, positioning it as the third-largest corporate Bitcoin holder globally.
The merger values Twenty One at a pro-forma enterprise value of $3.6 billion, based on a bitcoin spot price of $84,863.57 as of April 21, 2025. The transaction is expected to provide approximately $540 million in proceeds to Twenty One, including funds from convertible senior secured notes and a common equity PIPE financing. These proceeds will be used to purchase additional Bitcoin and for general corporate purposes.
Twenty One aims to be a Bitcoin-native public company focused on maximizing Bitcoin ownership per share. It plans to introduce performance metrics such as Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR) to reflect its Bitcoin-denominated capital structure. The company intends to develop financial products built with and on Bitcoin, including native lending models and capital market instruments. Additionally, it plans to produce original Bitcoin-focused content and media to promote Bitcoin adoption.
Shares of Cantor Equity Partners have reacted positively to the announcement, with a 3.7% increase in after-hours trading.
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