Tether dominates the controlling stake in Twenty One Capital, while SPAC holds 42.8% of the shares and controls over half of the voting rights after the merger

According to SEC documents, Twenty One Capital, a Bitcoin company supported by Tether, will hold 42.8% of the shares and 51.7% of the voting rights after the SPAC merger and convertible bond conversion, maintaining its controlling position; SoftBank holds 24% of the shares, while Bitfinex holds 16%. In the total shareholding structure of the company, PIPE and convertible bond investors account for over 12%, while public SPAC shareholders account for only 2.7%. Twenty One Capital, a Bitcoin company led by Jack Mallers, will hold 42000 BTC with a current market value of approximately $3.564 billion after the completion of the SPAC merger. The initial BTC was contributed by Tether (18713 coins), Bitfinex (7000 coins), and SoftBank (10500 coins). The company repaid the transitional loan and invested in operations through $340 million convertible bonds, $171 million PIPE financing, and $100 million SPAC trust funds.