Cantor, Tether and SoftBank Group Launch 21 Capital

21 Capital Inc., a newly formed crypto entity, on Wednesday said that it has signed an agreement for a business combination with Cantor Equity Partners (CEP), a special-purpose acquisition company (SPAC) sponsored by an affiliate of Cantor Fitzgerald, a leading global financial services and real estate services holding company.

At the closing of the Business Combination, 21 Capital will be majority-owned by Tether, co-founder of 21 Capital and the world’s largest stablecoin issuer, and Bitfinex, with significant minority ownership by SoftBank Group Corp, one of the world’s leading investment holding companies.

Tether would contribute $1.5 billion of Bitcoin, while SoftBank and Bitfinex would contribute $900 million and $600 million, respectively, of the digital currency. The transaction values 21 Capital at a pro-forma enterprise value of $3.6 billion, based on a Bitcoin spot price of $84,863.57, as of 21 April 2025.

CEP and 21 Capital have also entered into subscription agreements with investors to raise, at closing, $585 million of total additional capital consisting of $385 million through convertible senior secured notes, and $200 million through a common equity PIPE financing.

The net proceeds from the PIPE Offerings, which will close contemporaneously with the Business Combination, will be used to purchase additional Bitcoin and for general corporate purposes. 21 Capital expects to launch with more than 42,000 Bitcoin, which would make it the third-largest Bitcoin treasury in the world as of today.

As part of its launch, 21 Capital will introduce two key performance metrics, to reflect its Bitcoin-denominated capital structure and Bitcoin-focused mind-set.

21 Capital will be led by Co-Founder and CEO Jack Mallers, who has been instrumental in furthering Bitcoin’s adoption by institutions, corporations, and governments worldwide, and will continue with his existing roles and responsibilities.

Jack Mallers said that markets need reliable money to measure value and allocate capital efficiently and they believe that Bitcoin is the answer, and 21 Capital is how they bring that answer to public markets.

“Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time. We’re not here to beat the market, we’re here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners,” Mallers added.

Tether CEO Paolo Ardoinio said that Bitcoin is one of the only truly decentralised, immutable, and censorship-resistant asset, and its role as the foundation of a new financial system is inevitable.

“We have always believed in supporting initiatives that strengthen Bitcoin’s dominance and real-world utility. 21 Capital will take a Bitcoin-first approach that aligns with our vision—prioritising accumulation over speculation and building long-term value for those who understand what Bitcoin represents,” he said.

Bitcoin-native Company

21 Capital is structured to be a day one Bitcoin-native company that will strategically allocate capital to increase Bitcoin per share. It intends to develop a corporate architecture capable of supporting financial products built with and on Bitcoin. This includes native lending models, capital market instruments, and future innovations that will replace legacy financial tools with Bitcoin-aligned alternatives.

As a pro-Bitcoin advocate, 21 Capital plans to produce original Bitcoin-focused content and media. This pure-play approach will offer investors access to a public company that combines Bitcoin exposure with an operating business building Bitcoin-native products and services.

CEP Chairman and CEO Brandon Lutnick, who is also Chairman of Cantor Fitzgerald, said that Cantor’s relationships with innovative partners are key to unlocking unique opportunities, and CEP was proud of its role in this extraordinary collaboration between Tether, a foundation for today’s digital asset ecosystem, and SoftBank, one of the world’s preeminent investors.