繫繩僅投入了近十億美元的比特幣

根據5月13日向美國證券交易委員會提交的文件，Tether在5月9日以平均價格為95,319美元的BTC購買了4,812 BTC。

A major stablecoin issuer just put nearly half a billion dollars into Bitcoin (BTC).

一位主要的Stablecoin發行人僅投入了將近十億美元的比特幣（BTC）。

According to a filing with the U.S. Securities and Exchange Commission on May 13, Tether bought 4,812 BTC at an average price of $95,319 each on May 9. That adds nearly $460 million of Bitcoin to a special escrow wallet tied to Twenty One Capital.

根據5月13日向美國證券交易委員會提交的文件，Tether在5月9日以平均價格為95,319美元的BTC購買了4,812 BTC。這增加了與二十一首資本有關的特殊託管錢包的近4.6億美元。

The firm, which is backed by Tether and aiming for a SPAC merger with Cantor Equity Partners, is collecting a large Bitcoin stash.

該公司由繫繩支持，旨在與Cantor Equity Partners進行SPAC合併，該公司正在收集大型比特幣藏匿處。

Tether’s Bold Bitcoin Move

繫繩的大膽比特幣移動

Tether isn’t just minting tokens or lending them out. It’s taking on direct price risk. By placing almost $460 million into Twenty One’s Bitcoin stash, the stablecoin issuer steps into the realm of corporate holders like Strategy (formerly MicroStrategy) or BMO-backed miner Marathon Digital.

繫繩不只是鑄造令牌或借出它們。它承擔了直接價格風險。通過將近4.6億美元的價格投入二十一個人的比特幣藏匿處，Stablecoin發行人進入了諸如戰略（以前是Microstrategy）或BMO支持的礦工Marathon Digital之類的公司持有人領域。

This purchase boosts Twenty One’s total to 36,312 BTC. Cantor Equity Partners holds 31,500 BTC on Twenty One’s behalf, and the rest came straight from Tether’s reserve play.

這次購買將二十一個人的總數提高到36,312 BTC。 Cantor Equity Partners代表二十一個持有31,500 BTC，其餘的直接來自Tether的儲備。

Those interested in following the volatile share price movements can do so under the ticker XXI, which is used for Twenty One’s future shares once its SPAC deal closes.

那些有興趣遵循波動性股價變動的人可以在股票XXI下進行，該股票XXI一旦其SPAC交易結束，該股票將用於二十一份未來的股票。

The CEO, Jack Mallers, says they have applied for regulatory approval and are awaiting it. He didn’t name a timeframe for the SPAC closing but said it’s still in progress.

首席執行官傑克·馬拉斯（Jack Mallers）表示，他們已申請監管機構批准，並正在等待它。他沒有命名跨度關閉的時間表，但表示仍在進行中。

Investors have already seen wild swings. XXI shares jumped from $10.65 to $59.73 on May 2 after disclosing a large capital raise. They slid back to $29.84, and climbed another 5.2% in after-hours trading on May 11 following this latest buy.

投資者已經看到了狂野的波動。 XXI股票在披露大量資本後，從5月2日躍升至59.73美元。他們滑到了29.84美元，在此最新購買後，5月11日下班後交易中又攀升了5.2％。

Big Backers Onboard

船上的大支持者

Tether isn’t the only big name funding Twenty One. SoftBank has pledged $900 million, and Bitfinex will convert about 7,000 BTC into equity at $10 per share. Cantor Fitzgerald is leading the SPAC, aiming to raise $585 million to fund more Bitcoin buys.

系teth並不是唯一的二十一個資金。軟銀已承諾為9億美元，而Bitfinex將以每股10美元的價格將約7,000 BTC轉換為股票。坎托·菲茨杰拉德（Cantor Fitzgerald）領導該SPAC，旨在籌集5.85億美元，以資助更多的比特幣購買。

Those names lend weight, but each partner brings its own risks. Cantor faces difficulties lending out its own Bitcoin holdings due to regulatory constraints. If they want to buy more BTC despite limited lending opportunities, they’ll need to find creative solutions.

這些名稱借出了重量，但是每個伴侶都帶來了自己的風險。由於監管限制，Cantor面臨的困難使自己的比特幣持有。如果他們想購買更多的BTC，儘管貸款機會有限，他們將需要找到創意解決方案。

Meanwhile, Bitfinex is converting its crypto into equity, showcasing a shifting strategy. As for SoftBank, its involvement highlights the broader interest in Bitcoin among venture capital firms.

同時，Bitfinex正在將其加密貨幣轉換為權益，展示了一種變化的策略。至於軟銀，其參與強調了風險投資公司對比特幣的廣泛興趣。

Climbing Toward The Top

向上爬

With 36,312 BTC in its treasury, Twenty One Capital will rank as the third-largest corporate Bitcoin holder.

擁有36,312 BTC的財政部，二十一首資本將排名第三大公司比特幣持有人。

Here’s a breakdown of the top five:

這是前五名的細分：

* Strategy (formerly MicroStrategy) leads with 568,840 BTC.

*策略（以前是微型策略）以568,840 BTC領先。

* BMO-backed miner Marathon Digital comes second with 48,237 BTC.

* BMO支持的礦工馬拉松數字是48,237 BTC的第二名。

* Twenty One is now chasing that third spot.

*二十一個現在正在追逐第三名。

* Finally, Trust Node and Yale University follow closely with 40,000 BTC each.

*最後，信任節點和耶魯大學都以40,000個BTC緊隨其後。

Investors are watching to see if Twenty One will succeed in squeezing into the top three.

投資者正在觀察，看看二十一個是否會成功地擠入前三名。

The firm’s pitch to investors is focused on maximizing Bitcoin per share. According to its SEC presentation, profit isn’t a priority. Instead, every dollar raised will be used to buy more BTC. This contrasts with most public companies, which measure success by earnings per share. For Twenty One, a rise in BTC holdings is the goal.

該公司對投資者的推銷專注於每股比特幣最大化。根據SEC的演示，利潤不是優先事項。取而代之的是，籌集的每一美元將用於購買更多BTC。這與大多數上市公司形成鮮明對比，這些公司通過每股收益來衡量成功。對於二十一個來說，BTC持有量的上升是目標。

What’s Next For Investors

投資者的下一步是什麼

The SPAC route still has hurdles. Reports from last year disclosed that SEC reviews can take up to six months, and investors will be watching for any changes in capital-raise terms or difficulties encountered by Cantor in lending out its Bitcoin holdings.

SPAC路線仍然有障礙。去年的報告透露，SEC審查最多可能需要六個月，投資者將關注Cantor在藉用其比特幣持有的資本稅款或遇到的困難的任何變化。

If Bitcoin surges, Twenty One’s shares could soar. But if it dips, there’s no operating profit to soften the blow. For those who want straight Bitcoin bets, this may look attractive. But anyone craving steady returns from fees or services might look elsewhere.

如果比特幣激增，二十一股股票可以飆升。但是，如果下降，就沒有運營利潤來軟化打擊。對於那些想要直幣賭注的人來說，這看起來可能很有吸引力。但是，任何渴望從費用或服務中穩定回報的人都可能會看其他地方。

In the coming weeks, market watchers will track both the SEC’s green light and how Twenty One manages its expanding Bitcoin stash. The answer will shape whether stablecoin issuers become big new players in the Bitcoin game or face difficulties navigating the complexities of the traditional financial system.

在接下來的幾周中，市場觀察家將跟踪SEC的綠燈，以及21人如何管理其擴大的比特幣藏匿處。答案將塑造穩定的發行人是在比特幣遊戲中成為大型新玩家，還是面臨在傳統金融系統的複雜性方面遇到的困難。