TLDR
Twenty One Capital purchased 4,812 Bitcoin for $458.7 million, bringing total holdings to 36,312 BTC
The company is now the third-largest corporate Bitcoin holder behind Strategy and MARA Holdings
The purchase is part of a PIPE arrangement connected to a SPAC merger with Cantor Equity Partners
Twenty One Capital will trade under ticker “XXI” after the merger completes
Jack Mallers, founder of Strike, leads the company with backing from Tether, Bitfinex, and SoftBank
Tether-backed Bitcoin investment firm Twenty One Capital has acquired 4,812 Bitcoin valued at approximately $458.7 million, according to a May 13 filing with the U.S. Securities and Exchange Commission. This purchase brings the company’s total Bitcoin holdings to 36,312 BTC, making it the third-largest corporate holder of the cryptocurrency.
The transaction was executed by stablecoin issuer Tether on May 9, with Bitcoin purchased at an average price of $95,319 per token. Tether transferred the BTC to an escrow wallet as part of a private investment in public equity (PIPE) arrangement connected to Twenty One Capital’s ongoing SPAC merger.
This acquisition comes as Bitcoin trades around $103,540, approaching its previous all-time high of $109,000. The cryptocurrency market has shown strength recently, with analysts pointing to favorable inflation data as a potential catalyst for continued upward movement.
Twenty One Capital was co-founded in April 2025 by Tether, crypto exchange Bitfinex, and Japanese tech giant SoftBank. The trio established the company with a shared vision of creating a Bitcoin-native public firm focused on long-term BTC accumulation and institutional access.
Corporate Structure and Leadership
At the helm of Twenty One Capital is Jack Mallers, founder of the Bitcoin payments app Strike. Known for his vocal support of Bitcoin and work on Lightning-based payments, Mallers has described the new company as a stock “built by Bitcoiners, for Bitcoiners.”
Tether and Bitfinex are majority owners of Twenty One Capital, while SoftBank holds a minority stake after investing $900 million. The company is pursuing a Bitcoin-focused strategy similar to that of Michael Saylor’s Strategy (formerly MicroStrategy).
According to earlier filings, Twenty One Capital plans to debut with at least 42,000 Bitcoin in assets. As part of this commitment, Tether will provide 23,950 BTC, SoftBank 10,500 BTC, and Bitfinex around 7,000 BTC. These contributions will be converted into shares priced at $10 each.
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 and building long-term value for those who understand what Bitcoin represents,” Ardoino said last month.
The merger itself is being facilitated through Cantor Equity Partners, a Cayman Islands-based SPAC affiliated with Wall Street firm Cantor Fitzgerald. Once complete, Twenty One Capital will be listed under the ticker “XXI” on public markets.
Cantor Fitzgerald is serving multiple roles in the deal, acting as both sponsor and advisor to the merger. The firm has raised $585 million to fund future Bitcoin purchases and is providing additional capital to support Twenty One Capital’s Bitcoin-focused strategy.
Market Impact and Trading Activity
The market has responded strongly to Twenty One Capital’s Bitcoin purchases and merger plans. Shares of Cantor Equity Partners (CEP) experienced high volatility following news of the BTC acquisition. On May 2, the share price surged from $10.65 to $59.73 before falling back to $29.84.
After the recent SEC filing disclosing the Bitcoin purchase, CEP stock gained another 5.2% in after-hours trading. This volatility reflects market enthusiasm for Bitcoin-focused investment vehicles.
Rather than focusing on traditional financial metrics, Twenty One Capital has stated it will prioritize “Bitcoin per share” as its key success indicator. Last month, the company positioned itself as a future competitor to Strategy, stating its goal is to become the “superior vehicle” for capital-efficient Bitcoin exposure.
Mallers has outlined ambitious plans for Twenty One Capital to roll out Bitcoin-native financial products, including lending tools and capital market offerings. “Our mission is simple: to become the most successful company in Bitcoin,” Mallers said when appointed CEO in April.
Other firms are also increasing their Bitcoin exposure, with Japanese firm Metaplanet adding 1,271 BTC for $126.7 million on Monday. This growing corporate interest comes as Bitcoin price shows strength, with many analysts watching for a potential breakout to new all-time highs.
The transfer of 4,812 Bitcoin to Twenty One Capital is the most recent step in the company’s journey toward becoming a major player in institutional Bitcoin investment, with its public listing under the XXI ticker expected to be completed in the coming months.
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