TLDR

Twenty One Capital makes first move with a $459 million Bitcoin purchase
Tether buys and will transfer 4,812 BTC to Twenty One after merger
Company will hold over 42,000 BTC placing it among top public holders
Led by Jack Mallers with backing from Tether, Bitfinex and SoftBank
Bitcoin price nears all-time high as Twenty One prepares Nasdaq debut

The Bitcoin investment firm, Twenty One Capital, made its first move by acquiring 4,812 BTC for $458.7 million. The purchase positions the company among the largest Bitcoin-holding public firms. The deal marks the start of a planned series of acquisitions designed to reinforce its Bitcoin-focused treasury model.

🚨BREAKING: Jack Mallers Twenty One Capital acquires 4,812 #Bitcoin worth $458M 💪 pic.twitter.com/irYt6olgxa

— Marzell (@MarzellCrypto) May 13, 2025

The Bitcoin acquisition was conducted through a private investment in public equity (PIPE) transaction. Tether co-founded the firm and initially purchased the BTC and stored it in a secure wallet. Upon closing the merger, Tether will transfer the Bitcoin to Twenty One Capital at the exact purchase price.

The company was created via a special-purpose acquisition company (SPAC) merger with Cantor Equity Partners. Twenty One will trade under the ticker “XXI” on Nasdaq once the merger is finalized. Until then, Cantor Equity Partners trades under the symbol “CEP”.

$459M Purchase Cements Treasury Strategy

Tether bought the 4,812 BTC at an average price of $95,319.83 and earmarked it for the upcoming transaction. Once the PIPE deal closes, the coins will be officially transferred to Twenty One Capital. This move underscores the company’s commitment to building a sizable BTC treasury from day one.

The PIPE structure includes $385 million in convertible senior secured notes and $200 million in common equity funding. This capital raise provides the financial foundation for Twenty One’s immediate and future Bitcoin acquisitions. Additionally, the firm can raise an extra $100 million in convertible notes within 30 days.

Following the transaction, Twenty One Capital will hold over 42,000 BTC valued near $4.4 billion at current market prices. This level places the firm among the top public Bitcoin holders globally.

Tether, Bitfinex, and SoftBank Lead Formation

Tether and its sister company Bitfinex are the majority stakeholders in Twenty One Capital. SoftBank Group holds a minority stake, adding a traditional finance component to the crypto-native entity. The strategic alliance combines stablecoin liquidity, exchange infrastructure, and institutional capital.

Jack Mallers, founder of Bitcoin payments firm Strike, leads Twenty One as CEO. Under his leadership, the company aims to offer Bitcoin lending and other crypto-financial services. The firm emphasizes Bitcoin ownership per share as a key performance metric.

Twenty One seeks to operate as a Bitcoin-native financial institution. It plans to launch products aligned with Bitcoin’s monetary framework and capital market dynamics. These include lending instruments, structured notes, and Bitcoin-centric corporate services.

Bitcoin Market Rebounds as Launch Nears

Source:  CoinMarketCap

Bitcoin’s price recently climbed to $104,356.21, just 4% below its all-time high of $108,786. The 24-hour trading volume declined by 19.53%. The upward trend reinforces confidence in Bitcoin’s long-term strength and store-of-value role.

With its treasury model and capital structure, Twenty One Capital aims for rapid BTC accumulation. The firm’s first purchase signals aggressive intent and a long-term bullish outlook. Its listing under the ticker XXI will mark a milestone for Bitcoin-focused public companies

 

The post Tether-Backed Twenty One Capital Debuts With $459M BTC Buy: What’s Next for the Firm appeared first on CoinCentral.

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Filed under: News - @ May 13, 2025 11:28 pm