The US-based Bitcoin company Twenty One, which received a direct equity investment in Bitcoin from Tether, the world’s largest stablecoin issuer, has announced that its business merger has been officially approved at the shareholders’ meeting. The company will begin trading on the New York Stock Exchange next Monday (12/8) under the ticker symbol “XXI”.
Who are the investors behind Twenty One?
The American Bitcoin company Twenty One is going public through a merger with the Cantor Fitzgerald-backed special purpose acquisition company (SPAC) Cantor Equity Partners. Strike founder Jack Mallers serves as CEO, and the company’s shareholders include Tether, Japan’s SoftBank Group (Softbank), the exchange Bitfinex, and Cantor Fitzgerald.
Tether and Bitfinex directly exchanged 31,500 Bitcoins for equity in the new company. SoftBank Group became the second-largest shareholder by purchasing Bitcoin with cash through Tether. After the transaction is completed, Tether’s voting rights will reach 51.7%, giving it absolute control.
According to its real-time proof of reserves, Twenty One holds 43,514 Bitcoins, ranking third among publicly listed companies by Bitcoin holdings, just behind MicroStrategy and MARA holdings.
(Direct equity investment in Twenty One with Bitcoin: Tether’s ambitions and blueprint)
Official listing as XXI on 12/8—are initial investors still at a loss?
Twenty One announced in April that Tether and SoftBank had invested, causing the stock price to surge from around $10 to a peak above $59. However, as the (DAT) digital asset financial company frenzy has cooled, it seems investors have lost patience with XXI’s official listing, and the stock price has fallen back near its starting point.
The company raised $165 million through a private investment in public equity (PIPE) in June at a price of $21 per share. Compared to yesterday’s closing price of $11.84, the initial investors are facing significant losses.
Whether XXI can successfully attract other investors’ attention after its listing next week, or if it will face selling pressure from early investors with an (initial cost of $10 per share), remains to be seen.
Image source: CNBC
This article, “Bitcoin Company Twenty One, Led by Tether and SoftBank, to Officially List as XXI Next Week,” first appeared on Chain News ABMedia.
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