Cantor Equity Partners (CEP) has agreed to merge with Twenty One Capital in a go-public deal valuing the bitcoin-focused company at $3.6 billion, the latter said Wednesday.

Twenty One said the deal includes $585 million in new funding through convertible notes and equity, with proceeds earmarked for Bitcoin purchases and corporate use.

Upon closing, Tether and Bitfinex will own a majority stake in the company, with SoftBank holding a minority interest, Twenty One said.

Cantor Equity shares will cease trading upon merger completion, while Twenty One shares are expected to begin trading on Nasdaq under the symbol XXI, the company said.

Twenty One said the company's co-founder, Jack Mallers, will serve as chief executive.

Shares of Cantor Equity jumped nearly 22% in recent Wednesday trading.

Price: 13.05, Change: +2.35, Percent Change: +21.96