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Twenty One Capital has significantly expanded its Bitcoin holdings, adding 4,812 BTC to its treasury through a recent acquisition led by its major backer, Tether. This strategic purchase aligns with the company’s goal of becoming a leading Bitcoin-native public firm.

Details of the Bitcoin Purchase

On May 9, Tether acquired Bitcoin at an average price of $95,319 per token, resulting in a transaction valued at approximately $458.7 million. The assets were transferred to an escrow wallet, as outlined in a May 13 filing with the U.S. Securities and Exchange Commission (SEC).

Following this acquisition, Twenty One Capital now holds a total of 36,312 BTC, ranking it just behind other major corporate Bitcoin holders such as Strategy and MARA Holdings.

Key Stakeholders and Company Vision

Tether is one of the primary stakeholders in Twenty One Capital, alongside crypto exchange Bitfinex and Japanese tech giant SoftBank. The trio co-founded the company in April 2025 with a shared mission: building a Bitcoin-first public firm focused on long-term BTC accumulation and providing institutional access to the cryptocurrency.

In line with a business combination agreement signed in April, Tether committed to purchasing Bitcoin equivalent to the proceeds from a PIPE (Private Investment in Public Equity) investment. These assets are to be transferred into a designated wallet and sold to Twenty One Capital upon the merger’s completion.

“Twenty One will take a Bitcoin-first approach that aligns with our vision—prioritizing accumulation over speculation and building long-term value for those who understand what Bitcoin represents,” said Paolo Ardoino, CEO of Tether.

Planned SPAC Merger and Public Listing

The merger is being orchestrated through Cantor Equity Partners, a Cayman Islands-based Special Purpose Acquisition Company (SPAC) affiliated with Wall Street’s Cantor Fitzgerald. Upon completion, Twenty One Capital will be publicly listed under the ticker “XXI.”

Cantor Fitzgerald is also providing advisory services and securing additional capital to bolster the company’s Bitcoin-focused strategy. Previous filings indicate that Twenty One Capital aims to debut with at least 42,000 BTC in assets. Key contributions include:

  • Tether: 23,950 BTC
  • SoftBank: 10,500 BTC
  • Bitfinex: 7,000 BTC

These Bitcoin holdings will be converted into shares priced at $10 each, signaling the company’s strong commitment to its cryptocurrency strategy.

Ambitious Goals and Leadership

Last month, Twenty One Capital positioned itself as a competitor to Strategy (formerly MicroStrategy), stating its goal to become the “superior vehicle” for capital-efficient Bitcoin exposure. Unlike traditional financial metrics, the company plans to prioritize a unique success indicator: “Bitcoin per share.”

Leading this ambitious initiative is Jack Mallers, founder of Strike, who was appointed CEO of Twenty One Capital in April. Known for his advocacy of Bitcoin and innovations in Lightning-based payments, Mallers aims to position the company as a leader in Bitcoin-native financial products.

“Our mission is simple: to become the most successful company in Bitcoin,” Mallers said. He also emphasized plans to develop lending tools and capital market offerings tailored to the Bitcoin ecosystem.

With a strong leadership team, clear vision, and growing Bitcoin reserves, Twenty One Capital is set to make a significant impact in the cryptocurrency and financial markets.

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