Photo: Edouard HR Gluck
Main to remember
- Twenty-one capital, supported by Tether and SoftBank, aims to accumulate more than 42,000 bitcoin.
- The company will develop native Bitcoin financial products under the symbol of the XXI Ticker.
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Twenty One Capital, Inc., a Bitcoin centered company, is launched with the support of Tether, SoftBank and Cantor Fitzgerald, according to a press release on Wednesday.
The company should start its operations with more than 42,000 BTC. Bitcoin negotiating at around $ 92,500 at the time of the press, this amount is worth around $ 3.8 billion.
If it is reached, it would position 21 as one of the biggest Bitcoin holders in the world. Currently, the strategy leads the group with 534,741 BTC, followed by Mara Holdings with 47,600 BTC.
The company will be led by Jack Mallers, founder of Strike and an eminent defender of Bitcoin. Under his direction, Twenty One intends to develop native Bitcoin financial products and services while producing Bitcoin content and media.
“The markets need reliable money to measure value and effectively allocate capital,” said Mallers. “We believe Bitcoin is the answer, and twenty is the way we provide this response to public procurement.”
Twenty one merges with Cantor Equity Partners and will be negotiated under the Ticker XXI.
The agreement varies twenty to 3.6 billion dollars and includes $ 585 million in new capital, lifted by a mixture of capital and convertible tickets. These funds will be used to buy more bitcoin and extend business operations.
Post-merger, Tether and Bitfinex will hold a majority participation, while SoftBank Group will hold a minority interest. Tether also undertook to buy bitcoin on behalf of twenty.
“Bitcoin is one of the only truly decentralized, immutable and resistant active censorship, and its role of foundation of a new financial system is inevitable,” said Paolo Ardoino, CEO of Tether.
Twenty one will introduce two performance measurements: Bitcoin per share (BPS) and the Bitcoin return rate (BRR), reflecting its capital structure denominated by Bitcoin.
“With a visionary leader at the helm and the support of two renowned industry leaders, twenty-one is designed to help investors capture the value from the growing global demand for Bitcoin and growing institutional adoption,” said Brandon Lutnick, son of the US Secretary of Commerce Howard Lutnick and President of Cantor Fitzgerald.
The launch announcement follows a report by Wall Street Journal revealing that Lutnick had inked partnerships with SoftBank, Tether and Bitfinex to develop a Bitcoin company of $ 3 billion.
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