JUST IN: Jack Mallers Twenty One Capital and Tether buys 4,812 #Bitcoin for $458,700,000 ?

On May 14, 2025, Twenty One Capital, a Bitcoin-native financial firm backed by Tether, SoftBank, and Bitfinex, reportedly acquired 4,812 BTC at an average price of $95,300.

According to reports, the firm's treasury holdings now total over 42,000 BTC, making it the third-largest public Bitcoin holder.

According to a recent interview with Blockware Solutions, Jack Mallers, CEO of Twenty One Capital, prefers to focus on maximizing Bitcoin per share, positioning the firm as a pure-play Bitcoin opportunity in capital markets.

This approach contrasts with Strategy's strategy, which aims to maximize earnings per share (EPS) despite facing challenges with stock issuance efficiencies. For instance, Strategy bought 100 BTC at an average price of $104,200 on March 17, 2025, at an efficient price. However, the firm's stock sold poorly that day, raising only $10.7 million in new capital.

This inefficiency is a common challenge for firms like Strategy and Strategy, which are frequently challenged by market conditions when issuing stock to buy Bitcoin.

However, Twenty One Capital's strategy is designed to capitalize on market inefficiencies.

“We're offering a purer Bitcoin investment vehicle than what they have at Strategy. It's a different strategy. We're trying to maximize Bitcoin per share. So, we're a leveraged play on the Bitcoin price in the capital markets. It's a pure-play Bitcoin opportunity. It's not meant to be a proxy for the broader financial markets,” Mallers explained.

This massive purchase signals an interesting chapter in the ongoing narrative of corporate Bitcoin adoption.

Earlier this year, Strategy, known for its significant Bitcoin holdings, encountered a setback with a $670.8 million loss in Q4 2024. The loss was attributed to a $564.4 million impairment charge on its digital asset holdings, highlighting the high-stakes nature of these investments.

Strategy's Bitcoin buying spree has slowed recently due to stock sale difficulties. Despite aiming to raise $42 billion to buy more Bitcoin with its “21/21” plan, Strategy has only managed to sell $1.34 billion worth of stock and buy 38,660 BTC this year.

According to Bitcoin Treasuries, Strategy currently holds 568,842 BTC, valued at $39.41 billion (at an average price of $69,284 per BTC) as of May 11, 2025.

Meanwhile, Metaplanet, often referred to as "Strategy of Asia," is another institution that has notably adopted Bitcoin.

According to Bitcoin Treasuries, at the beginning of May 2025, Metaplanet's treasury boasted 6,796 BTC, already surpassing El Salvador's holdings.

Furthermore, Semler Scientific, a medical device company, is also engaging in Bitcoin accumulation. According to Bitcoin Treasuries, the firm had a total of 3,634 BTC valued at $342 million by May 2025.

These institutions view Bitcoin as “digital gold,” serving as a hedge against inflation and a store of value in an uncertain economic landscape.

Their strategies often involve issuing bonds or stocks to fund Bitcoin purchases. For instance, Strategy plans to sell up to $21 billion worth of stock to invest in Bitcoin, while MicroStrategy earlier sold bonds for $561 million to buy BTC.

It's worth noting that several public companies, including MARA, Tesla, and Tether, are known to engage in periodic Bitcoin acquisitions. However, there are inherent risks involved, as highlighted by Strategy's recent performance.

With Twenty One Capital's entry and its massive Bitcoin purchase, the competition among institutions to accumulate the crypto asset is heating up.