Golden cryptocurrency Tether. Source: Alvaro - stock.adobe.com

Key Takeaways:

Tether acquired 4,812 BTC for $458.7M on May 9, boosting Twenty One Capital’s total holdings to 36,312 BTC.
Twenty One Capital, backed by Tether and Bitfinex, is merging with Cantor Equity Partners and aims to become the leading corporate Bitcoin holder.
The firm targets 42,000 BTC by launch and plans to measure success by Bitcoin per share, not traditional earnings metrics.

Tether has acquired $459 million worth of Bitcoin—4,812 BTC at an average price of $95,319—for Twenty One Capital, a Bitcoin-focused investment firm it backs.

The BTC was transferred to escrow on May 9 and disclosed in a May 13 SEC filing.

JUST IN: Jack Mallers Twenty One Capital and Tether buys 4,812 #Bitcoin for $458,700,000 🤯 pic.twitter.com/SZFMZcDBAa
— Bitcoin Magazine (@BitcoinMagazine) May 13, 2025

Twenty One Capital now holds 36,312 BTC, making it the third-largest corporate Bitcoin holder, behind Strategy (formerly MicroStrategy) and MARA Holdings.

The firm is currently operating under Cantor Equity Partners while awaiting the completion of a SPAC merger, after which it will trade under the ticker “XXI.”

Tether holds a majority stake, alongside Bitfinex, and the merger is sponsored by Cantor Fitzgerald, which has raised $585 million for the initiative.

SoftBank has also contributed $900 million. CEO Jack Mallers, who also leads Strike, confirmed the merger is progressing but gave no timeline.

Twenty One aims to surpass Strategy as the top Bitcoin investment vehicle, branding itself as a “pure play” for BTC exposure.

It plans to measure performance in “Bitcoin per share,” not traditional earnings.

The firm’s target is 42,000 BTC at launch, including 23,950 BTC from Tether, 10,500 from SoftBank, and 7,000 from Bitfinex—converted into equity at $10 per share.