The Cayman Islands-based firm disclosed in a U.S. Securities and Exchange Commission (SEC) filing that Tether acquired the bitcoin on behalf of Twenty One Capital, Inc., a Texas corporation, and will transfer the assets to a digital wallet ahead of the merger’s closing. The wallet, accessible via a blockchain explorer link, holds the 4,812 BTC until the deal is finalized.

The deal is contingent on funding from convertible notes and equity subscriptions totaling $458.7 million, minus a $52 million holdback. Cantor Equity Partners and Twenty One Capital plan to file a Registration Statement on Form S-4 with the SEC, including a proxy statement and prospectus detailing the merger. The SEC 8-K notice says shareholders will vote on the transaction, which aims to combine Cantor’s operations with Twenty One Capital’s financial infrastructure.

Like typical crypto-centric SEC filings, the 8-K warns of risks, including bitcoin’s price volatility, regulatory uncertainties, and potential delays in closing the deal. It notes Pubco’s stock price could fluctuate with bitcoin’s value and highlights challenges in expanding crypto-related services.

In the latest filing, the companies emphasized that neither the SEC nor state regulators have endorsed the transaction. The deal, subject to shareholder approval and funding, showcases growing institutional crypto integration. Cantor and Twenty One Capital expect to close the merger after regulatory reviews, though timelines remain uncertain.

With precision and intent, Twenty One Capital is crafting its identity as a company singularly devoted to accumulating bitcoin, taking strategic inspiration from Strategy’s well-documented blueprint. The firm’s ambitions align closely with those of its predecessor, embracing a model where corporate reserves are channeled into the digital asset with a disciplined focus.

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