The purchased Bitcoin was initially acquired by Tether and placed in a designated wallet pending the close of the PIPE (private investment in public equity) financing. Tether will transfer the Bitcoin to Twenty One at the closing of the proposed transactions under terms established in the combination agreement.
The PIPE financing structure includes $385 million in convertible senior secured notes and $200 million in common equity.
The net proceeds from these offerings are designated primarily for additional Bitcoin purchases.
The company also maintains an optional clause to raise up to $100 million more in convertible notes within 30 days of the initial transaction date.
The firm’s business model also includes developing Bitcoin-native financial products, capital market tools, and corporate infrastructure aligned with Bitcoin’s monetary properties.
Twenty One will trade under the “XXI” ticker after the transaction is concluded. Until then, Cantor Equity Partners shares will continue to trade on Nasdaq under “CEP.”
