Cantor Fitzgerald, the financial services firm formerly led by U.S. commerce secretary Howard Bitcoin acquisition business.
“Twenty One aims to be the most effective public vehicle for Bitcoin accumulation and monetization, with a mission to accelerate Bitcoin adoption and Bitcoin literacy,” the statement reads.
Tether and Bitfinex will own a majority stake in the new company, and SoftBank will have minority ownership. Twenty One will be led by cofounder and CEO Jack Mallers, the founder of Bitcoin infrastructure company Zap.
The company plans to launch publicly with more than 42,000 Bitcoin, worth around $4 billion at its current price of around $93,000. When the deal to create Twenty One closes, it has agreements with investors to raise an additional $585 million in capital, which will be used to purchase additional Bitcoin. The money was raised, in part, by issuing convertible notes, a type of debt financing that can be converted into equity at a later date.
