Tether, the issuer of the USDT stablecoin, recently bought 4812 Bitcoin (BTC), valued at approximately $496.7 million. This BTC buy is part of Tether's deal with Cantor Equity Partners, which adds a twist to the purchase.
Tether, the issuer of the stablecoin USDT, recently bought 4,812 Bitcoin (BTC), valued at approximately $496.7 million. This BTC buy is part of Tether’s deal with Cantor Equity Partners, which adds a twist to the purchase.
According to on-chain data analytics platform Arkham Intelligence, which highlighted the development in an X post, Tether will eventually send the purchased BTC to Twenty One Capital, a Bitcoin investment firm.
However, Twenty One Capital, backed by Tether, is awaiting the completion of a Special Purpose Acquisition Company (SPAC) merger with Cantor Equity Partners. The 4,812 BTC brings Twenty One’s total Bitcoin holdings to 36,312 BTC.
The firm has now become the third-largest corporate Bitcoin holder, trailing only Strategy and Bitcoin mining firm MARA Holdings. Strategy’s Bitcoin holdings stand at 568,840 BTC, while MARA has 48,237 BTC.
Earlier reports highlight that the firm sold a portion of its BTC to Block Inc (NYSE:SQ) as part of the SPAC deal. The merger will see Twenty One Capital go public on the New York Stock Exchange.
Earlier this year, a U.S. judge approved the merger deal between Cantor and Twenty One Capital after a complaint was filed by a group of Cantor shareholders. The shareholders argued that the company’s board of directors did not adequately consider other SPAC combinations.
SPACs are essentially shell companies that go public to acquire private companies and take them public. In 2021, the SPAC market reached new highs, but activity slowed down last year due to a shift in investor interest and heightened scrutiny from regulators.
The post Tether buys 4,812 BTC in part of deal with Cantor Equity Partners - Arkham appeared first on TokenPost | اخبار, تحلیل, جدیدترین قیمت ارزهای دیجیتال و بلاکچین.
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