Coin Bureau@coinbureau· 3 months ago

🐳Whales Are BUYING! Cantor Equity Partners acquired $458.7M in #Bitcoin via merger with Tether-backed Twenty One Capital. Deal involves Tether & iFinex, with 4,812 BTC bought at around $95,319. Is the Saylor playbook going global?🌎 https://t.co/rnynqKpb9P

Bankless@BanklessHQ· 4 months ago

🟠 Breaking Down $4B Bitcoin Behemoth "Twenty One" The convergence of traditional finance and crypto is accelerating, and nowhere is that more evident than in the emergence of Twenty One, a new Bitcoin-focused entity preparing to go public via a SPAC backed by Cantor Fitzgerald. Today, we’re unpacking the Twenty One investment opportunity 👇 ~~ Analysis by @JackInabinet ~~ With reputable players like Japan’s @SoftBank involved and more than $4B in BTC set to anchor its treasury, Twenty One positions itself as the next evolution of @MicroStrategy's BTC accumulation playbook. But can it live up to the hype and high premiums? Some see this as a breakthrough moment for BTC adoption on corporate balance sheets. Others cite concerns about a complex capital structure, asymmetrical incentives, and stark implications for retail investors. ❓ What is Twenty One? Superficially helmed by CEO @jackmallers – who previously founded a BTC payments application called Strike in 2017 – Twenty One advertises itself as a “singular vehicle for Bitcoin Bitcoin exposure” that will conduct “pro-Bitcoin advocacy” and "explore future expansion into Bitcoin-native financial products." While Twenty One’s abstract headline mission statement may appear confusing at first glance, this company is extremely similar to Michael Saylor’s MicroStrategy in that it will be a BTC accumulation vehicle intended to grow the number of bitcoins attributable to individual shareholders. According to an investor presentation filed with the SEC, much like MicroStrategy, Twenty One will acquire bitcoins through the issuance of debt and equity. Deviating somewhat from its predecessor, Twenty One also intends on producing BTC educational content (YouTube videos, for example) and engaging in a “range of Bitcoin-related activities,” including Bitcoin-related financial advisory services and lending its BTC. Twenty One’s pro forma assumptions have it launching with a treasury of 42k BTC – worth slightly more than $4B at current market prices – and while Mallers is the company’s figurehead, he certainly does not stand alone in this venture… 💵 Capital Structure Stablecoin issuer @Tether_to and crypto exchange @bitfinex, both subsidiaries of British Virgin Island-registered holding company iFinex, will fork up 36,213 BTC to the company. In exchange, the pair will collectively receive 58.8% ownership in Twenty One and 71% voting power; Tether alone will control a 51.7% voting power supermajority. Nearly one-third of the Tether/Bitfinex BTC contribution will be made on behalf of Japanese tech-focused investment conglomerate SoftBank, who is expected to pay Tether $462M for the privilege to own 24% of Twenty One. This transaction value represents the market price of SoftBank’s indirectly contributed BTC and should enable the group to book automatic profits, assuming Twenty One shares trade at a premium to their net asset value as expected. No deal has been closed at this time, but it is expected that Twenty One will be acquired by Cantor Equity Partners, a special purpose acquisition company (SPAC) that has been trading on the Nasdaq under the ticker symbol $CEP since mid-August 2024 and is associated with U.S. commerce secretary @howardlutnick's financial services firm Cantor Fitzgerald (which owns 5% ownership interest in Tether via convertible bond). The SPAC process allows Twenty One to essentially merge into an existing publicly traded stock, lessening the SEC oversight burden required for Twenty One to go public. In exchange for Cantor Equity Partners contributing $100M of cash to the joint balance sheet, $CEP shareholders will receive 2.7% of Twenty One ownership, but no voting rights. Additionally, participants in an initial convertible note offering will receive 7.1% ownership interest for contributing $340M, and private investment in public equity (PIPE) investors will receive 5.4% ownership at preferential terms (i.e.; they get to purchase their shares at the BTC NAV value, unlike public SPAC shareholders who must purchase $CEP stock at market prices). Approximately $500M of cash is expected to be raised from these two categories of sales, which will be funneled to Tether for contributing BTC on behalf of these investors. In its role as deal “sponsor,” Cantor Fitzgerald will receive $45M worth of convertible note bonds and 3.8M shares, representing a combined 1.9% ownership interest in Twenty One. 🧐 What’s the Verdict? Many in the Bitcoin community have heralded the launch of Twenty One as a pivotal moment, one that could mark the beginning of widespread adoption of BTC on corporate balance sheets, particularly considering the involvement of SoftBank, a globally renowned venture firm known for identifying transformative trends (like AI) before they catch fire among investors. In its SEC filings, Twenty One positions itself as a superior BTC accumulation vehicle to MicroStrategy. For investors looking for an easy route to passively stack sats, the smaller sized Twenty One might be able to more easily raise capital to buy bitcoins, all points directly expounded upon by Twenty One’s investor materials. Cantor Equity Partners (CEP) had a $317M market capitalization as of market close on Thursday, April 24, against its cash balance of $100M, and while it may feel comforting to see increasing BTC adoption among big financial players, the preferential terms received by institutional investors who were able to participate at-cost has made critics suspicious. Ultimately, Tether appears to be the biggest winner in this arrangement; the stablecoin issuer stands to receive nearly $1B in cash and a multi-billion dollar stake in Twenty One for offloading BTC into a SPAC. In doing so, Tether efficiently extracts funds from institutional players hoping to distribute bitcoin-backed shares at a premium onto retail investors, without ever having to sell tokens on the open market. SPACs have earned the unenviable reputation of being among the worst stock market investments of the past decade, and while creating value by simply taking an idea public might be lucrative for insiders and sponsors, the math rarely works out that way for secondary market retail investors. This class of investments has experienced consistently poor returns no matter the industry since 2009, and longer-term oriented retail investors in Twenty One may find their returns challenged by majority shareholders looking to exit the investment.

BitMart@BitMartExchange· 5 months ago

#BitMart will list UNUS SED LEO(LEO) @bitfinex🔥 LEO is the utility token for use on the crypto exchange Bitfinex which is managed by its parent company iFinex Inc, a privately-held financial technology company incorporated in the British Virgin Islands. 💰Trading pair: $LEO/USDT 💎Deposit: Available 💎Trading: 3/5/2025 12:00 PM UTC Learn more: https://t.co/OKsSP6hGUi

Alex Thorn@intangiblecoins· 7 months ago

at this point, there’s not really any evidence that the US government is selling the “individual X” silk road BTC today’s price action is more likely a continued reaction to DXY and rates than systematic government selling it is true that USG has cleared legal barriers that the interlocutor “battle born” had erected to the sales.. so they probably *could* sell it if they do sell it, that won’t leave much left to comprise a national bitcoin stockpile, as @realDonaldTrump pledged to establish back in july at bitcoin 2024 the biggest chunk of government-held bitcoin is coins recovered from the bitfinex hack (ilya and razzlekhan), but the feds noted in a court filing they believe ifinex (bitfinex/tether) are the only valid claimant. presumably those coins will be returned to the victim and not sold, as is the case with most stolen property without the “individual X” silk road coins or the bitfinex hack coins, that leaves only about 15.8k BTC ($1.4bn @ $90K BTCUSD) to comprise the national bitcoin stockpile if the feds are selling here, that is remarkably petty, but if anything it will help create a better entry for long term holders without flimsy government paper hands

HitBTC@hitbtc· 9 months ago

UNUS SED LEO, launched through an initial exchange offering, is the latest cryptocurrency project of iFinex. $LEO is a dual-chain utility token living on the Ethereum and EOS blockchains. Among the numerous unique aspects of the project, it is one of the few cryptocurrencies with a limited lifecycle built into its protocols. $BTC/$USDT: 92 727 $ETH/$USDT: 3 110 Trade $LEO and other assets: https://t.co/qBqBVVTATw

HitBTC@hitbtc· 12 months ago

UNUS SED LEO is a new token designed to extend the capabilities of all platform users and services to iFinex, the parent company of Bitfinex. $LEO is a dual-chain utility token living on the Ethereum and EOS blockchains and has a limited lifecycle built into its protocols. $BTC/$USDT: 57 876 $ETH/$USDT: 2 521 Trade $LEO and other assets: https://t.co/qBqBVVT33Y

Bitfinex@bitfinex· about 1 year ago

.@ThalexGlobal x Bitfinex Derivatives: Unlocking advanced crypto derivatives option trading. Coming soon. Learn more. https://t.co/PeRkvAi9nO Bitfinex Derivatives is provided by iFinex Financial Technologies Limited. https://t.co/WsTcy3P1aD

Kyle Chassé@kyle_chasse· about 1 year ago

🚨IFINEX X EL SALVADOR🚨 iFinex, the powerhouse behind Bitfinex, has teamed up with El Salvador's government to improve crypto infrastructure and regulations! Bitfinex Securities is making MAJOR moves by launching El Salvador's premier digital asset securitization endeavor. This follows their recent $6.25 Million raise through tokenized debt for an airport hotel. This country is doing things right!!

BSCN@BSCNews· about 1 year ago

BITFINEX PARENT COMPANY AND EL SALVADOR COLLABORATE TO DEVELOP CRYPTO REGULATIONS - iFinex, the parent company of Bitfinex, has announced a collaboration with the government of El Salvador to develop comprehensive cryptocurrency regulations. - As part of this partnership, Bitfinex Securities is set to launch El Salvador’s first digital asset securitization project. This initiative involves raising $6.25 million to construct a five-story hotel near the international airport. Building on Bitcoin’s Legal Status: - El Salvador made headlines in September 2021 by becoming the first country to adopt Bitcoin as legal tender. This decision was aimed at promoting financial inclusion, enhancing remittance payment efficiency, and attracting financial innovations. - As part of its commitment to transparency and innovation, El Salvador has launched a proof-of-reserves website. - This platform will provide real-time data and tools for monitoring the country's Bitcoin holdings using on-chain data. Recent Bitcoin Acquisitions: - Over the past week, El Salvador has acquired seven additional Bitcoins, worth over $438,000. - The country has added 31 BTC to its reserves in the last 30 days, worth around $1.94 million. - Presently, El Salvador holds 5,748 $BTC, valued at approximately $360 million. Image: BuyUcoin #Bitcoin #ElSalvador

吴说区块链@wublockchain12· about 1 year ago

吴说获悉，Bitfinex 母公司 iFinex 宣布与萨尔瓦多政府达成合作，将协助萨尔瓦多制定与加密货币相关的法律法规和指南。iFinex 还负责就发行和促进数字资产交易向萨尔瓦多政府提供咨询，包括发行由比特币担保的“火山债券”、为比特币挖矿建设能源基础设施。此外，Bitfinex 证券正式启动发行代币债券项目，用于在萨尔瓦多国际机场建造新的希尔顿欢朋酒店，目标募集资金总额 625 万美元，年化利率 10%，为期 5 年，1000 美元起投。https://t.co/pbsom9miKG

Wu Blockchain@WuBlockchain· about 1 year ago

iFinex, the parent company of the Bitfinex, has just joined hands with the El Salvador government to in developing laws, regulations and guidelines related to cryptocurrencies. Bitfinex Securities will launch El Salvador’s first digital asset securitization project, a five-story hotel located at the international airport, raising US$6.25 million. https://t.co/c8T2aFNFdt