XXI capital has bought a huge chunk of bitcoin again but this time, they bought it directly from Tether. Tether bought the bitcoin and sold it to XXI capital. The bitcoin worth $458.7M was transferred to XXI capital wallet, saying this purchase is just the beginning of the iceberg.
This is the first tranche of the PIPE financing of XXI Capital.
I guess those bitcoin were bought by Tether a long time ago, and were part of their bitcoin fund, so no immediate price impact.
Tether will contribute to XXI Capital with those bitcoins, and in exchange will obtain a capital share of the newco.
According to this article
https://www.sec.gov/ix?doc=/Archives/edgar/data/1865602/000121390025042647/ea0241786-8k425_cantor.htm they bought their Bitcoin at $95,319.83, so that means this purchase made if I'm not wrong earlier this month.
Accordingly, the Company is filing this Current Report on Form 8-K (this “Report”) to announce to its shareholders and the PIPE Investors that, as required by the Business Combination Agreement, Tether has purchased 4,812.220927 Bitcoin (the “Initial PIPE Bitcoin”) for an aggregate purchase price of $458,700,000 and an average price per Bitcoin of $95,319.83. The Initial PIPE Bitcoin will be sold by Tether to Pubco at the closing of the transactions contemplated by the Business Combination Agreement (the “Business Combination”) upon the funding of the PIPE Investments by the PIPE Investors for a purchase price of $458,700,000.
And maybe their purchase made create good movements and contribute on the situation that's why we see Bitcoin cross at $100k again. There's lots of things we can learn for reading that article about the actions done by 21 capital.