In a bold move that’s turning heads in the crypto space, stablecoin giant Tether has added a hefty 4,812 Bitcoin—worth a cool $458.7 million—to the stash of Twenty One Capital, the Bitcoin investment firm it's backing.
This latest buy was executed at an average price of $95,319 per BTC and was moved to an escrow wallet on May 9, according to a May 13 filing by Cantor Equity Partners with the U.S. Securities and Exchange Commission. For now, Twenty One’s assets are being managed under Cantor as the two firms work to finalize a SPAC merger.
Once the deal is done, the combined entity will begin trading under the ticker XXI.
Twenty One Is on a Roll
This recent purchase catapults Twenty One Capital’s total holdings to 36,312 BTC, securing its spot as the third-largest corporate Bitcoin holder, trailing only MicroStrategy (now Strategy) and MARA Holdings, which hold 568,840 BTC and 48,237 BTC respectively, per BitcoinTreasuries.net.
Jack Mallers, CEO of Twenty One, confirmed on May 13 that the merger process is underway—though the exact timeline remains under wraps.
Bigger Ambitions: Take on MicroStrategy
In an April SEC presentation, Twenty One didn’t shy away from its ambition: it wants to outshine Michael Saylor’s Strategy (formerly MicroStrategy) and become the premier “capital-efficient Bitcoin exposure” platform for investors.
What sets Twenty One apart? It promises to be a "pure play" Bitcoin firm—focused solely on Bitcoin-native operations, giving it greater agility for strategic fundraising and market moves. Instead of traditional metrics like earnings per share, the firm says its key success indicator will be “Bitcoin per share.”
Gearing Up for 42,000 BTC
The firm aims to hit 42,000 BTC holdings by launch. According to earlier filings:
Tether is expected to contribute 23,950 BTC
Softbank will add 10,500 BTC
Bitfinex will chip in 7,000 BTC—all of which will be converted into equity at $10/share
Market Moves
Cantor Equity Partners’ share price saw a meteoric rise from $10.65 to $59.73 on May 2 following the buzz, though it has since pulled back to $29.84, according to Google Finance. It still saw a 5.2% bump in after-hours trading after the latest Bitcoin buy.
