系绳仅投入了近十亿美元的比特币

根据5月13日向美国证券交易委员会提交的文件，Tether在5月9日以平均价格为95,319美元的BTC购买了4,812 BTC。

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

一位主要的Stablecoin发行人仅投入了将近十亿美元的比特币（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.

根据5月13日向美国证券交易委员会提交的文件，Tether在5月9日以平均价格为95,319美元的BTC购买了4,812 BTC。这增加了与二十一首资本有关的特殊托管钱包的近4.6亿美元。

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

该公司由系绳支持，旨在与Cantor Equity Partners进行SPAC合并，该公司正在收集大型比特币藏匿处。

Tether’s Bold Bitcoin Move

系绳的大胆比特币移动

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.

系绳不只是铸造令牌或借出它们。它承担了直接价格风险。通过将近4.6亿美元的价格投入二十一个人的比特币藏匿处，Stablecoin发行人进入了诸如战略（以前是Microstrategy）或BMO支持的矿工Marathon Digital之类的公司持有人领域。

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.

这次购买将二十一个人的总数提高到36,312 BTC。 Cantor Equity Partners代表二十一个持有31,500 BTC，其余的直接来自Tether的储备。

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.

那些有兴趣遵循波动性股价变动的人可以在股票XXI下进行，该股票XXI一旦其SPAC交易结束，该股票将用于二十一份未来的股票。

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.

首席执行官杰克·马拉斯（Jack Mallers）表示，他们已申请监管机构批准，并正在等待它。他没有命名跨度关闭的时间表，但表示仍在进行中。

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.

投资者已经看到了狂野的波动。 XXI股票在披露大量资本后，从5月2日跃升至59.73美元。他们滑到了29.84美元，在此最新购买后，5月11日下班后交易中又攀升了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并不是唯一的二十一个资金。软银已承诺为9亿美元，而Bitfinex将以每股10美元的价格将约7,000 BTC转换为股票。坎托·菲茨杰拉德（Cantor Fitzgerald）领导该SPAC，旨在筹集5.85亿美元，以资助更多的比特币购买。

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.

这些名称借出了重量，但是每个伴侣都带来了自己的风险。由于监管限制，Cantor面临的困难使自己的比特币持有。如果他们想购买更多的BTC，尽管贷款机会有限，他们将需要找到创意解决方案。

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.

同时，Bitfinex正在将其加密货币转换为权益，展示了一种变化的策略。至于软银，其参与强调了风险投资公司对比特币的广泛兴趣。

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.

拥有36,312 BTC的财政部，二十一首资本将排名第三大公司比特币持有人。

Here’s a breakdown of the top five:

这是前五名的细分：

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

*策略（以前是微型策略）以568,840 BTC领先。

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

* BMO支持的矿工马拉松数字是48,237 BTC的第二名。

* Twenty One is now chasing that third spot.

*二十一个现在正在追逐第三名。

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

*最后，信任节点和耶鲁大学都以40,000个BTC紧随其后。

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

投资者正在观察，看看二十一个是否会成功地挤入前三名。

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.

该公司对投资者的推销专注于每股比特币最大化。根据SEC的演示，利润不是优先事项。取而代之的是，筹集的每一美元将用于购买更多BTC。这与大多数上市公司形成鲜明对比，这些公司通过每股收益来衡量成功。对于二十一个来说，BTC持有量的上升是目标。

What’s Next For Investors

投资者的下一步是什么

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路线仍然有障碍。去年的报告透露，SEC审查最多可能需要六个月，投资者将关注Cantor在借用其比特币持有的资本税款或遇到的困难的任何变化。

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.

如果比特币激增，二十一股股票可以飙升。但是，如果下降，就没有运营利润来软化打击。对于那些想要直币赌注的人来说，这看起来可能很有吸引力。但是，任何渴望从费用或服务中稳定回报的人都可能会看其他地方。

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.

在接下来的几周中，市场观察家将跟踪SEC的绿灯，以及21人如何管理其扩大的比特币藏匿处。答案将塑造稳定的发行人是在比特币游戏中成为大型新玩家，还是面临在传统金融系统的复杂性方面遇到的困难。