Tether Purchased 4,812 Bitcoins Worth $458.7 Million

Twenty One Capital has taken a major step toward establishing itself as a new Bitcoin treasury corporation

Tether, the company behind the USDT stablecoin, has purchased 4,812 Bitcoin for a total of $458.7 million on May 9, 2025.

This purchase, which averages $95,319.83 per Bitcoin, marks a major step for Twenty One Capital in establishing itself as a new Bitcoin treasury corporation following its business combination agreement with Cantor Equity Partners, a special-purpose acquisition company (SPAC).

The Bitcoins are currently sitting in a designated wallet, pending the completion of a private investment in public equity (PIPE) financing deal. After the transaction is finalized, Tether will transfer the assets to Twenty One Capital, as stated in the agreement filed with the U.S. Securities and Exchange Commission (SEC).

The process of creation of Twenty One Capital is a merger with Cantor Equity Partners, headed by Brandon Lutnick. The deal comprises $385 million in convertible senior secured notes and $200 million in common equity financing. The company will mainly use such funds to purchase more Bitcoins and may attract another $100 million through convertible notes within 30 days after the first transaction.

When it goes public, the business plans to possess over forty-two thousand Bitcoin, making it one of the largest corporate Bitcoin holders globally. Data from the Bitcoin Treasuries would place Twenty One Capital as the 17th largest corporate holder of bitcoins and in fifth position as a private company. The firm will trade on Nasdaq with the ticker “XXI” after it completes the merger.

Tether, Bitfinex, and SoftBank Group are the operators of the venture; yet, Tether and iFinex hold the biggest share of ownership in the project.

SoftBank owns a sizable minority stake in Twenty One Capital, even though Jack Mallers is the company’s CEO.

This move also highlights the growing interest of traditional investors in Bitcoin. As such, Tether’s action and Cantor's SPAC merger strategy might be a way to introduce the cryptocurrency to a wider audience.

Moreover, with an initial public offering (IPO) planned for later this year and a listing on the Nasdaq Stock Market, Twenty One Capital aims to provide public-market exposure to Bitcoin. The firm intends to offer Bitcoin-native services such as lending and reserves management to institutional investors who want to get exposure to crypto but without direct exchange participation.