On April 25, Cantor Equity Partners, an investment firm affiliated with crypto-friendly company Cantor Fitzgerald, shares soared 50% on Thursday after reports that it plans to merge into a new Bitcoin-based company.

Yahoo Finance data shows that Cantor Equity Partners' stock (CEP) has been trading at $24.80 per share, up 134% in the past week. CEP is a Special Purpose Acquisition Company (SPAC) – This type of company is formed to help other businesses go public through acquisitions or mergers.

On Wednesday, the company announced plans to form "Twenty One" through a SPAC merger. This will become a Bitcoin-centric listed company with an initial reserve of more than 42,000 bitcoins—a valued at current prices of over $3.9 billion, supported by Tether, Bitfinex, as well as investment firms Cantor Fitzgerald and SoftBank Group. The company, led by Brandon Lutnick, son of the U.S. Commerce Secretary, not only plans to hoard Bitcoin (so investors can gain exposure to related assets without actually holding it), but will also provide Bitcoin-related financial services and create cryptocurrency content and media platforms.