synopsis

The proposed merger with Twenty One Capital positions Cantor as a potential institutional gateway to Bitcoin exposure, with the combined entity to be majority-owned by Tether and backed by Bitfinex and SoftBank.

Shares of Cantor Equity Partners (CEP) surged nearly 60% on Thursday to a record high of $39.29, extending a rally that began on Wednesday.

Cantor’s stock has soared nearly 120% over the past two sessions, driven by market enthusiasm around its pending merger with Twenty One Capital, a Bitcoin-native investment vehicle.

The proposed combination, announced on Tuesday, positions Cantor as a potential gateway to institutional Bitcoin exposure. 

Twenty One Capital is backed by Tether – the issuer of the world’s largest stablecoin, USDT  – alongside crypto exchange Bitfinex and Japan’s SoftBank Group. Upon closing, the merged entity will be majority-owned by Tether, with Bitfinex and SoftBank holding significant stakes.

Public shareholders of the special purpose acquisition company (SPAC) will retain a 2.7% ownership stake.

The combined company will be re-listed under the ticker ‘XXI’ upon completion of the transaction.

Twenty One Capital plans to operate as a public proxy for Bitcoin (BTC), with initial holdings projected to exceed 42,000 BTC. At Bitcoin’s price of $93,400, as of Thursday afternoon, the estimated holdings are valued at approximately $3.92 billion.

The company is also introducing new performance metrics, such as Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR), which aim to measure returns denominated in Bitcoin rather than fiat currency.

Bitcoin’s price remains 14% below its all-time high of nearly $109,000, reached in January when President Donald Trump took office.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<

Read also: Trump Coin Jumps After President Offers Gala Dinner, VIP Reception To Top Token Holders