In a nutshell
- Twenty One, a publicly traded Bitcoin-focused business with plans to have a$ 3.9 billion treasury, is being launched by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank.
- The business will be listed on Nasdaq as part of a SPAC acquisition with Cantor Equity Partners, which will register Strike leader Jack Mallers as CEO and provide Bitcoin lending companies and various financial products under the ticker symbol XXI.
- Investors will be able to obtain Bitcoin exposure through company shares rather than directly ownership of crypto assets through Twenty One’s business model, which is similar to Strategy ( previously MicroStrategy ).
Cord, Bitfinex, Cantor Fitzgerald, and SoftBank Group, a group of crypto and TradFi giant, announced on Wednesday that they would work together to build Twenty One, a officially traded, Bitcoin-centric business that plans to launch with a government of more than 42, 000 BTC, or about$ 3.9 billion value.
A majority stake in SoftBank will be held by investment holding company Tether and Bitfinex, with the other two remaining shareholders being majority owners.
Twenty One will be merged with Cantor Equity Partners, which trades on the Nasdaq under the homepage CEP and is associated with financial services company Cantor Fitzgerald.
Twenty One aims to produce Bitcoin-centric information in addition to having the largest amount of money in its treasury. It also aims to offer local Crypto lending services and other financial products.
‘s issues were not promptly answered by Twenty One.
According to an news, Jack Mallers, who runs the Bitcoin payments company Strike, will be the CEO of Twenty One.
According to the news, CEP may work with Twenty One to increase$ 385 million through foldable top notes and$ 200 million through personal capital, or PIPE, to purchase Bitcoin and fund “general business purposes.”
Investors will then be able to purchase shares of the company, according to the news. Twenty One did deal under the XXI ticker.
He stated in a statement that “our goal is simple: to become the most profitable organization in Bitcoin, the most important economic opportunity of our time.” ” We’re below to create a new one, not to hit the industry,” the statement read.
The published the anticipated walk for the first time on later Tuesday.
Twenty One may receive Bitcoin purchased through debts from Tether, the firm behind USDT, the third-largest crypto by market cover. The biggest cryptocurrency in the sector is the USDT merchandise from El Salvador-based Tether, which the company claims is made up of dollars, treasuries, and other assets.
Tether’s U.S. Treasuries resources are being held by Cantor Fitzgerald, an expense company that was originally run by President Trump’s ally and present Commerce Secretary Howard Lutnick. Additionally, Twenty One will use its debt to purchase Cryptocurrency.
The son of Howard, Brandon Lutnick, serves as Cantor Equity Partners ‘ president and CEO.
Stablecoins are now a popular theme in law right now: two bills of legislation relating to the stablecoin are already being debated. The SEC has ceased most of its lawsuits and investigations into crypto companies so far under President Trump’s fresh administration’s view to regulating the online asset industry.
The business model of Twenty One shares that of Strategy ( formerly MicroStrategy ), a Nasdaq-listed software company that began buying Bitcoin in 2020. The company is currently the largest corporate holder of the asset, holding 538, 000 BTC, or about$ 50 billion. In an effort to gain exposure for Bitcoin, investors purchase the company’s shares, which Twenty One appears to be attempting to follow.
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