Cantor Equity Partners (CEP) disclosed a $458.7 million bitcoin BTC acquisition as part of a pending merger with Twenty One Capital, the BTC-focused investment vehicle backed by Tether, Bitfinex, and SoftBank, according to a regulatory filing on Tuesday.

The transaction is structured through a complex business combination involving Tether Investments, the El Salvador affiliate of stablecoin issuer Tether, and iFinex, the parent company of Bitfinex, the filing shows. As part of the deal, Tether purchased some 4,812 BTC at an average price of $95,319, with the tokens held in escrow and later to be sold to the merged company.

Blockchain data shows that the escrow wallet, disclosed in the filing, received the tokens from a Bitfinex hot wallet on May 9. The wallet’s bitcoin holdings are worth $500 million at current prices, according to Arkham data.

Twenty One Capital is being launched by Brandon Lutnick—the son of U.S. Commerce Secretary and Cantor Fitzgerald chairman Howard Lutnick—via a SPAC structure using Cantor Equity Partners. The company will be led by Strike CEO Jack Mallers and majority-owned by Tether and Bitfinex’s parent company, iFinex. SoftBank will take a significant minority stake, the companies said

The company said it plans to have more than 42,000 BTC at launch.

CEP shares are higher by 3.7% in after hours trading.

Read more: Strike CEO Mallers to Lead Bitcoin Investment Company Backed by Tether, Softbank, Brandon Lutnick

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