Twenty One Capital Acquires 4,812 Bitcoins Valued at Approximately $458.7 Million

Tether-backed Bitcoin investment firm Twenty One Capital has acquired 4,812 Bitcoin (BTC) valued at approximately $458.7 million, according to a May 13 filing with the U.S. Securities and Exchange Commission (SEC).

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 Tether on May 9, with Bitcoin purchased at an average price of $95,319 per token. Tether then 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.

The move 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 noting that recent favorable inflation data could serve as a catalyst for further upward movement in the market.

Twenty One Capital was co-founded earlier this year by Tether, crypto exchange Bitfinex, and Japanese tech giant SoftBank. The trio joined forces to create a Bitcoin-focused public firm aiming to accumulate large amounts of BTC and provide greater institutional access to the cryptocurrency.

At the helm of Twenty One Capital is Jack Mallers, founder of the Bitcoin payments app Strike. Known for his outspoken advocacy for 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 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 its treasury. As part of this commitment, Tether will contribute 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 (CEPH), a Cayman Islands-based SPAC affiliated with Wall Street firm Cantor Fitzgerald. Upon completion, Twenty One Capital will be listed on public markets under the ticker “XXI.”

Cantor Fitzgerald is playing multiple roles in the deal, serving as both the sponsor and an advisor for the merger. The firm has also reportedly raised $585 million to fund future Bitcoin purchases and is providing additional capital to support Twenty One Capital’s stated goal of maximizing its Bitcoin holdings.

Shares of Cantor Equity Partners (CEP) have experienced high volatility following news of the BTC acquisition and merger plans. On May 2, the share price surged from $10.65 to $59.73 following reports of the Bitcoin purchase. However, this rally was short-lived, and the stock price later fell back to $29.84.

After the recent SEC filing disclosed the Bitcoin purchase, CEP stock gained another 5.2% in after-hours trading on May 13. This volatility highlights the market's strong interest in companies and vehicles that are actively buying and accumulating Bitcoin.

Rather than focusing on traditional financial metrics, Twenty One Capital has stated that it will prioritize “Bitcoin per share” as its key success indicator. Last month, the company positioned itself as a future competitor to Strategy, aiming to become the “superior vehicle” for capital-efficient exposure to Bitcoin.

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 he was appointed CEO in April.

In other developments, Japanese firm Metaplanet has disclosed adding 1,271 BTC for $126.7 million to its holdings. This brings the company's total Bitcoin assets to 2,440 BTC, valued at around $251.3 million.

The growing interest from corporations in accumulating Bitcoin comes as the cryptocurrency shows strength, trading above $103,000 and approaching the previous all-time high of $109,000. Many analysts are watching for signs of a potential breakout to new highs, which could trigger further buying activity.

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