Financial Services
Definitive Agreement
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Austin, Texas -- April 23, 2025 -- Twenty One Capital, Inc., backed by Tether and SoftBank Group, is set to launch as a Bitcoin-native company through a business combination with Cantor Equity Partners (Nasdaq: CEP). Co-founder Jack Mallers will lead Twenty One as CEO.
Twenty One aims to offer investors a unique vehicle for Bitcoin exposure, advocacy, and content, with potential expansion into Bitcoin-native financial products. The company expects to launch with over 42,000 Bitcoin, potentially making it the third-largest Bitcoin treasury globally.
At the closing of the Business Combination, Twenty One will be majority-owned by Tether and Bitfinex, with significant minority ownership by SoftBank Group Corp.
Key Highlights:
- Twenty One and CEP have agreements to raise $585 million through convertible senior secured notes and a common equity PIPE financing.
- The net proceeds will be used to purchase additional Bitcoin and for general corporate purposes.
- Twenty One will introduce Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR) as key performance metrics.
- The transaction values Twenty One at a pro-forma enterprise value of $3.6 billion.
Twenty One intends to develop a corporate architecture capable of supporting financial products built with and on Bitcoin. This includes native lending models, capital market instruments, and future innovations that will replace legacy financial tools with Bitcoin-aligned alternatives.