Some of the largest players in crypto are coming together for a new publicly traded company. And it might change the future of Bitcoin.
What’s happening:
- Twenty One Capital has entered into a business combination with Cantor Equity Partners (NASDAQ: CEP) to go public on the Nasdaq through a SPAC transaction
Why it matters:
- Twenty One Capital is focused on building a publicly traded company for Bitcoin exposure and is backed by Tether, SoftBank, Bitfinex and Strike founder Jack Mallers
Going deeper:
- The new public company will launch with significant Bitcoin holdings, with Tether contributing $1.5B USD in Bitcoin, SoftBank contributing $900M USD in Bitcoin and Bitfinex contributing $600M USD in Bitcoin
- Jack Mallers will lead Twenty One Capital following the successful completion of the SPAC transaction which will also include roughly half a billion dollars in new capital being raised as part of the public listing
The intrigue:
- Twenty One Capital plans to hold Bitcoin directly as an asset and has also publicly stated they intend to develop and launch Bitcoin related financial products
