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By Niket Nishant

April 25 (Reuters) -

Shares of blank-check firm Cantor Equity Partners soared 42% on Friday, extending a scorching rally from the previous session as retail investors flocked to the stock.

Over 2,200 users on Stocktwits.com, a social media platform for retail investors, added the stock to their watchlist after the company announced a $3.6 billion crypto venture on Wednesday.

The venture, Twenty One Capital, aims to be a publicly traded bitcoin-holding company that lets investors gain exposure to the cryptocurrency without directly owning it.

Once a niche idea, bitcoin-holding firms have gained traction after the exponential growth of Michael Saylor's Strategy, whose shares have jumped 27-fold since the company pivoted to bitcoin in 2020.

"Strategy became a proxy bitcoin play, and many traders are on the lookout for the next one," said Brett Reeves, head of Go Network and European Sales at crypto infrastructure firm BitGo.

"The significant investment from SoftBank and Tether adds to the credibility and potential appeal for investors."

Twenty One will be launched in partnership with stablecoin issuer Tether, Japan's SoftBank and crypto exchange Bitfinex.

CHASING CRYPTO HIGHS

Cantor Equity is a special purpose acquisition company (SPAC) backed by Cantor Fitzgerald, an investment banking and brokerage firm chaired by Brandon Lutnick, the son of U.S. Secretary of Commerce Howard Lutnick.

SPACs merge with privately-held startups, offering them an alternative route to go public.

Twenty One will trade under the symbol "XXI" after its merger with Cantor Equity, whose shares have more than tripled in value since Wednesday.

"Traders are clearly scanning for public market Best Proxies to gain crypto exposure," said crypto entrepreneur Trevor Koverko.

Though the economic fundamentals are yet to be tested, the sharp reaction was "understandable".

With tariff-driven turbulence rattling equities, some investors have also turned to bitcoin to hedge against losses.

"A SPAC led by Cantor, and backed by SoftBank, suggests there is further corporate appetite for bitcoin as a hedge," said Kadan Stadelmann, chief technology officer at blockchain firm Komodo Platform. (Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar and Devika Syamnath)