Tether has acquired 4,812 Bitcoin tokens worth over $458.7 million for a business merger involving Cantor Equity Partners and Twenty One Capital.
The acquisition is part of a strategic move to support the financial structure of an upcoming public listing via SPAC, with the Bitcoin transferred to a wallet controlled by Tether.
Tether's contribution of Bitcoin, along with Cantor Equity Partners' custody of 31,500 Bitcoin, brings the firm's total Bitcoin reserves to 36,312 BTC as part of the funding structure for Twenty One Capital.
The coordinated funding effort for Twenty One Capital involves contributions from various entities in Bitcoin and aims to capitalize the company, which will trade under the ticker XXI post-merger, with Bitcoin at the core of its capital structure.