Bitcoin treasury firm Twenty One Capital has raised an additional $100 million through convertible senior secured notes, bringing its total funding to $685 million. The firm is preparing for a merger with Nasdaq-listed Cantor Equity Partners, aiming to become a publicly traded bitcoin treasury company. Backed by Tether, SoftBank, and Bitfinex, Twenty One Capital holds over 42,000 bitcoins, making it the third-largest corporate bitcoin holder. Led by Strike CEO Jack Mallers, the company plans to publish proof of its $3.6 billion bitcoin reserves, enhancing transparency and investor confidence.