Twenty One Capital Purchased 4,812 Bitcoins (BTC) on May 9

Twenty One Capital has acquired 4,812 Bitcoins (BTC) on May 9 for approximately $458.7 million, according to an 8-K Form filed with the US Securities and Exchange Commission (SEC).

The acquisition, made at an average price of $95,319.83 per BTC, was executed in connection with a business combination agreement between Twenty One and Cantor Equity Partners, a special-purpose acquisition company backed by Cantor Fitzgerald.

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.

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.

Twenty One also has an option to raise up to $100 million more in convertible notes within 30 days of the initial transaction date.

Commenting on the timing and scale of the purchase, Bitwise head of alpha strategies Jeff Park noted that Twenty One Capital “basically snapped up 1/2 a yard of BTC in two weeks from the announcement.”

With this acquisition, Twenty One Capital becomes the 17th-largest corporate Bitcoin holder worldwide and fifth among private companies, according to data from Bitcoin Treasuries.

The company is expecting to hold more than 42,000 BTC at launch, placing it behind only Strategy and a few others in terms of total corporate Bitcoin reserves.

Twenty One is being launched through a business combination with Cantor Equity Partners and is backed by Tether, Bitfinex and SoftBank Group. The firm is being structured to operate as a Bitcoin-native public entity.

Its primary aim is to maximize Bitcoin ownership per share rather than tracking traditional equity metrics like earnings per share or revenue.

In addition to its core competency in cryptocurrency, Twenty One will also be developing Bitcoin-native financial products, capital market tools and corporate infrastructure that align with the cryptocurrency’s monetary properties.

Twenty One will trade on the New York Stock Exchange under the ticker “XXI” after the transaction is closed. Until then, Cantor Equity Partners shares will continue to trade on Nasdaq under “CEP.”