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Japanese tech-focused investment conglomerate SoftBank is expected to make a $462M investment in Twenty One, an up-and-coming Strategy competitor that is backed by stablecoin issuer Tether, crypto exchange Bitfinex, and financial services firm Cantor Fitzgerald.
Jack Mallers – who previously founded a BTC payments application called Strike in 2017 – will serve as CEO for Twenty One, a company which advertises itself as a “singular vehicle for Bitcoin exposure” that will conduct “pro-Bitcoin advocacy” and "explore future expansion into Bitcoin-native financial products.”
Twenty One is expected to go public via SPAC merger with Nasdaq-listed acquisition vehicle Cantor Equity Partners (CEP). Although some are calling it a landmark moment for corporate Bitcoin adoption, others remain highly skeptical about the venture and point to a checkered history for SPAC stock debuts.
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