The deal’s framework consisted of Tether supplying roughly $1.5 billion in BTC, SoftBank adding $900 million, and Bitfinex providing $600 million.
June 2 transfers move the parties closer to closing the private-investment-in-public-equity financing tied to the Cantor special purpose acquisition company (SPAC) merger.
The private investment in public equity (PIPE) allocates $385 million in convertible notes and $200 million in common equity, with an option for an extra $100 million in notes within 30 days of the initial deal.
Net proceeds target further Bitcoin acquisitions and operating capital for Twenty One, which aims to offer bitcoin-backed financing products to institutional clients.
SoftBank has yet to publish wallet details for its planned contribution, and Twenty One still must finalize regulatory approvals for the business-combination transaction.
