PANews reported on April 24 that SEC documents showed that after the SPAC merger and convertible bond conversion of Tether-backed Bitcoin company Twenty One Capital, Tether will hold 42.8% of the shares and 51.7% of the voting rights, firmly maintaining a controlling position; SoftBank holds 24% and Bitfinex holds 16%. In the company's total shareholding structure, PIPE and convertible bond investors account for more than 12% in total, while public SPAC shareholders account for only 2.7%. Twenty One Capital, a Bitcoin company led by Jack Mallers, will hold 42,000 BTC after the SPAC merger is completed, with a current market value of approximately US$3.564 billion. The initial BTC was contributed by Tether (18,713), Bitfinex (7,000) and SoftBank (10,500). The company repaid the transition loan and injected capital into operations through US$340 million in convertible bonds, US$171 million in PIPE financing and US$100 million in SPAC trust funds.