Cantor Fitzgerald has partnered with Tether, Bitfinex and SoftBank to launch Bitcoin Acquisition Company
Canter Fitzgerald, a financial services company previously led by US Secretary of Commerce Howard Lutonicthe latest company to participate in the Bitcoin acquisition business.
The company, currently chaired by Lutnick’s son Brandon Lutnick, is using a special purpose acquisition company (SPAC), known as Cantor Equity Partners, to establish a new company called Twenty One Capital. The company is partially owned by StablecoinGiant TetherCrypto Exchange Bitfinex, and Japanese investment company SoftBank, statement It will be released on Wednesday and will be used to buy Bitcoin.
As a publicly available company, 21 companies will allow investors to access Bitcoin price movements without investing directly in currency, like Michael Saylor strategy. It also plans to promote the adoption of the currency by producing “supporting financial products built together with Bitcoin” and “Bitcoin-centric content and media,” according to a statement from the company.
“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 said.
Tether and Bitfinex own a majority stake in the new company, while SoftBank holds a small number of ownership. Twenty One is led by co-founder and CEO Jack Mallers, founder of Bitcoin Infrastructure Company Zap.
The company is expected to be released for over 42,000 Bitcoin, with its current price of around $93,000 worth of around $4 billion. Once the agreement to create Twenty One is closed, it has been agreed to raise an additional $585 million in capital with investors. This is used to buy additional bitcoin. This fund was raised in part by issuing convertor bonds, a type of debt financing that could be converted to fairness at a later date.
strategya software company previously known as MicroStrategy, has proven that Bitcoin acquisitions are extremely advantageous. The company has accumulated 538,200 bitcoins since 2020, worth nearly $500 billion at its current price, and its stock price has increased by 2,600% as Bitcoin prices rise. The company’s success has led others to try to take part in the hype, including medical device companies Semler Scientific and Elon Musk’s. Tesla.
However, Bitcoin purchases have not been that successful for other companies. GameStopA struggling video game retailer who has struggled to maintain stock in recent years, announcement Bitcoin stockpiles will begin in March. GameStop stocks first surged 14%, but after that stocks slid 23%. Despite being successful It was raised Gamestop stock, which amounts to $1.3 billion against Bitcoin purchases, has fallen 10% since the start of the year.
This story was originally introduced Fortune.com