Bitcoin BTC treasury firm Twenty One has recently announced that it has successfully raised an additional $100 million through convertible senior secured notes. This brings the total capital raised by the company to an impressive $685 million as it continues to make progress towards its planned merger with Nasdaq-listed Cantor Equity Partners (CEP). The news was detailed in a recent filing with the U.S. Securities and Exchange Commission.
The additional funding was provided by existing investors and sponsors who exercised their option to purchase more of the notes, which were originally granted during the company’s fundraising round in April. The new notes come with a 1% coupon and are set to mature in 2030. This $100 million boost adds to the initial $385 million commitment, bringing the total note financing to $485 million. In addition, Twenty One also secured $200 million in private investment in public equity (PIPE) last month.
Following the announcement of the additional funding, CEP’s stock price saw a slight decrease of 1.5% in morning U.S. trade as the price of bitcoin dipped below $107,000.
Twenty One is a prime example of companies adopting a crypto treasury strategy, following in the footsteps of Michael Saylor’s MicroStrategy (MSTR). The firm is spearheaded by Brandon Lutnick, the son of U.S. Commerce Secretary and former Cantor Fitzgerald chairman Howard Lutnick. The company is being launched through a special-purpose acquisition company (SPAC) structure using Cantor Equity Partners. Notable owners of Twenty One include iFinex, the parent company of Bitfinex, and Tether, the issuer of the popular USDT stablecoin. Leading the company as CEO is Jack Mallers from Strike.
In a significant move earlier this month, Twenty One disclosed a massive $458 million acquisition of bitcoin. This acquisition showcases the company’s commitment to building a strong crypto treasury and solidifying its position in the digital asset space.
Overall, Twenty One’s successful fundraising efforts and strategic partnerships position the company for continued growth and success in the evolving crypto landscape.
