Stablecoin provider Tether transfers 4,812 Bitcoin into Twenty One Capital's funds in anticipation of their public debut.
A fresh take on the latest crypto news:
Twenty One Capital boosts its Bitcoin stash thanks to Tether's recent acquisition. With an average purchase price of about $95,319 per token, Tether picked up 4,812 BTC, putting Twenty One's total to a significant 36,312 BTC.
The purchase, valued at around $458.7 million, places Twenty One Capital closer to Strategy and MARA Holdings in the race for corporate Bitcoin ownership. Tether, being a major stakeholder alongside Bitfinex and SoftBank, played a crucial role in Twenty One Capital's establishment in April 2025.
According to records, Tether committed to buying Bitcoin equivalent to the proceeds from a PIPE investment and transferring it to Twenty One Capital at the close of the merger, as stipulated in the business combination agreement.
CEO Paolo Ardoino views this merger as a long-term bet on Bitcoin's institutional value and relevance. “Twenty One will champion a Bitcoin-first approach that aligns with our vision – prioritizing accumulation over speculation and focusing on long-term value creation for those who embrace Bitcoin’s essence,” Ardoino stated last month.
The merger process is being managed by Cantor Equity Partners, a Cayman Islands-based SPAC affiliated with Wall Street firm Cantor Fitzgerald. Upon completion, Twenty One Capital will list under the "XXI" ticker on public markets.
In addition to securing capital, Cantor Fitzgerald is acting as an advisor to support Twenty One Capital's Bitcoin-centric strategy. Previous filings revealed the company's plans to begin with at least 42,000 BTC in assets, with Tether providing the majority share (23,950 BTC), followed by SoftBank (10,500 BTC) and Bitfinex (around 7,000 BTC).
Twenty One Capital is poised to challenge Strategy, aiming to become the "superior vehicle" for capital-efficient Bitcoin exposure. Instead of relying on traditional financial metrics, the company will emphasize "Bitcoin per share" as their key performance indicator.
Jack Mallers, founder of Strike and newly appointed CEO of Twenty One Capital, spoke of his ambitious plans for the company. Mallers envisions Twenty One Capital rolling out a variety of Bitcoin-native financial products, such as lending tools and capital market offerings, to cement its position in the industry.
As of current rankings, BlackRock leads with over 625,000 BTC through its iShares Bitcoin Trust ETF, followed by Strategy and MARA Holdings with significant holdings as well. Twenty One Capital's growing collection of around 36,312 BTC reflects its active participation in the Bitcoin market.
- Tether's significant purchase of Bitcoin contributed 4,812 tokens, increasing Twenty One Capital's Bitcoin holdings to 36,312, positioning them closer to competitors like Strategy and MARA Holdings in the corporate Bitcoin ownership race.
- Upon completion of the merger, Twenty One Capital, advised by Cantor Fitzgerald, will list under the "XXI" ticker on public markets, focusing on "Bitcoin per share" as their key performance indicator, marking a shift towards crypto-finance.
- Jack Mallers, CEO of Twenty One Capital, intends to introduce Bitcoin-native financial products, such as lending tools and capital market offerings, using these crypto assets to establish a strong presence in the industry and potentially surpass competitors like Strategy and MARA Holdings.
