TLDR
- Twenty One Capital acquired 4,812 BTC worth $458.7 million, bringing total holdings to 36,312 BTC
- Purchase executed by Tether as part of a PIPE arrangement connected to ongoing SPAC merger with Cantor Equity Partners
- Company will trade under ticker “XXI” once the merger completes
- Twenty One Capital now ranks as third-largest corporate Bitcoin holder behind Strategy and MARA Holdings
- Led by Strike founder Jack Mallers, the company aims to be a “superior vehicle” for Bitcoin exposure
Twenty One Capital has added 4,812 Bitcoin to its treasury through a fresh purchase by major backer Tether. The acquisition comes as the company prepares for its public listing through a Special Purpose Acquisition Company (SPAC) merger with Cantor Equity Partners.
Cantor Equity Partners, Inc aka Jack Mallers' Twenty One Capital files 8-K with the #SEC announcing first purchase by @Tether_to of 4,812 #Bitcoin worth $458.7 million at average price of $95,319.83.@twentyone21___ @cantorfitzgerld
On April 22, 2025, Cantor Equity Partners,… pic.twitter.com/IdtKw8Pd0Y
— MartyParty (@martypartymusic) May 13, 2025
According to a May 13 filing with the US Securities and Exchange Commission, Tether acquired the Bitcoin on May 9 at an average price of $95,319 per token. The purchase is valued at approximately $458.7 million.
The assets were transferred to an escrow wallet as part of the arrangement. This latest addition brings Twenty One Capital’s total Bitcoin holdings to 36,312 BTC.
This positions the company as the third-largest corporate holder of Bitcoin. It now ranks behind Strategy (formerly MicroStrategy) with 568,840 BTC and MARA Holdings with 48,237 BTC.
Tether is one of the leading stakeholders in Twenty One Capital. Other major backers include crypto exchange Bitfinex and Japanese tech giant SoftBank.
Corporate Structure and Strategy
The trio co-founded the company in April 2025. They share a goal of creating a Bitcoin-native public firm focused on long-term BTC accumulation and institutional access.
As outlined in a business combination agreement signed in April, Tether agreed to buy Bitcoin equivalent to the expected proceeds from a PIPE (Private Investment in Public Equity) investment. These assets would then be transferred to a designated wallet to be sold to Twenty One Capital at the close of the merger.
Paolo Ardoino, CEO of Tether, has stated that the stablecoin issuer views the venture as a long-term bet on Bitcoin’s institutional relevance. “Twenty One will take a Bitcoin-first approach that aligns with our vision—prioritizing accumulation over speculation,” Ardoino said last month.
The merger is being facilitated through Cantor Equity Partners. This Cayman Islands-based SPAC is affiliated with Wall Street firm Cantor Fitzgerald.
Once complete, Twenty One Capital will be listed under the ticker “XXI” on public markets. Currently, it trades under the CEP ticker.
Cantor Fitzgerald is providing advisory services and securing additional capital to support the company’s Bitcoin-focused strategy. The firm has raised $585 million to fund future Bitcoin purchases.
Earlier filings revealed the company plans to debut with at least 42,000 Bitcoin in assets. Tether will provide 23,950 BTC, SoftBank 10,500 BTC, and Bitfinex around 7,000 BTC. All will be converted into shares priced at $10 each.
Twenty One Capital has positioned itself as a future competitor to Strategy. The company has stated its goal is to become the “superior vehicle” for capital-efficient Bitcoin exposure.
Rather than focusing on traditional financial metrics, the company will prioritize “Bitcoin per share” as its key success indicator. This approach mirrors that of Strategy, which has become known for its aggressive Bitcoin acquisition strategy.
Strike founder Jack Mallers was appointed CEO of Twenty One Capital in April. Known for his vocal support of Bitcoin and work on Lightning-based payments, Mallers described the new company as a stock “built by Bitcoiners, for Bitcoiners.”
Mallers has outlined plans for Twenty One to roll out Bitcoin-native financial products. These would include lending tools and capital market offerings.
Market reaction to the Bitcoin purchase has been volatile. Shares of Cantor Equity Partners experienced dramatic price swings following the news.
On May 2, the share price rose from $10.65 to $59.73, before falling back to $29.84. After the recent filing, the stock gained another 5.2% in after-hours trading.
The timing of the purchase coincides with Bitcoin trading around $103,540. This puts the cryptocurrency within range of its previous all-time high of approximately $109,000.
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