“Pursuant to the Business Combination Agreement, Tether agreed that within ten (10) business days thereof, it would purchase a number of Bitcoin equal to an aggregate purchase price of $458,700,000,” Cantor stated in the filing. “With the Convertible Notes PIPE, entered into on April 22, 2025 by Pubco and the Company with certain investors, less a holdback amount of $52,000,000), and place such Bitcoin in a digital wallet held or operated by or on behalf of Tether.

Tether is holding the Bitcoin in a digital wallet, which anyone can view the holdings online here, showcasing further transparency into their holdings similar to how some spot Bitcoin ETF issuers and other public corporations, such as Bitwise and Metaplanet, have done with their holdings.

“The Initial PIPE Bitcoin will be sold by Tether to Pubco at the closing of the transactions contemplated by the Business Combination Agreement upon the funding of the PIPE Investments by the PIPE Investors for a purchase price of $458,700,000,” the filing further stated.

Cantor Equity Partners Inc., currently trading under the ticker CEP, is now live in the markets as it works toward completing its merger with Twenty One Capital. CEO Jack Mallers recently emphasized the firm’s aggressive Bitcoin acquisition strategy, stating: “We do intend to raise as much capital as we possibly can to acquire Bitcoin… We will never have Bitcoin per share negative. At least that is our intent. Our intent is to make sure when you are a shareholder of Twenty One that you are getting wealthier in Bitcoin terms.”