Tether has made a significant investment in Bitcoin as part of its backing for Twenty One Capital, a Bitcoin investment firm preparing for a Special Purpose Acquisition Company (SPAC) merger.
The USDT stablecoin issuer purchased $459 million worth of Bitcoin, a key step in launching Twenty One Capital, which is preparing to go public.
This acquisition, announced in a filing with the US Securities and Exchange Commission (SEC), highlights the growing institutionalisation of Bitcoin assets in corporate structures.
On 9 May 2025, Tether acquired 4,812.22 Bitcoin, priced at $95,319.83 per coin.
The assets were promptly transferred to an escrow wallet, where they will remain until the merger between Twenty One Capital and Cantor Equity Partners is finalised.
The deal adds significantly to the firm’s holdings, bringing its total Bitcoin stash to over 36,000 BTC, with the majority of assets controlled by Cantor Equity Partners, which holds around 31,500 BTC on behalf of the firm.
With the purchase, Twenty One Capital is firmly positioned as one of the largest corporate Bitcoin holders, second only to the well-established Bitcoin miner, MARA Holdings.
Source: BitcoinTreasuries.net
The firm’s CEO, Jack Mallers, confirmed that the merger approval process is ongoing, although no specific timeline for completion has been disclosed.
As the company prepares for its SPAC merger with Cantor Equity Partners, Twenty One Capital is positioning itself as a ‘pure play’ for institutional Bitcoin exposure.
According to the firm, it aims to rival established players in the Bitcoin space, particularly Michael Saylor’s MicroStrategy, which has long held the title of the largest corporate Bitcoin holder.
Jack Mallers, the CEO of Twenty One Capital and the founder of Strike, a leading crypto payments platform, envisions the firm as a vehicle for investors looking to gain exposure to Bitcoin with a focus on holding and acquiring more Bitcoin.
Source: SEC
Mallers explained that their key performance metric would centre on "Bitcoin per share" rather than traditional financial measures like earnings per share, aligning their interests directly with Bitcoin accumulation.
The latest move is part of a broader strategy backed by significant investors.
Tether is the majority stakeholder in Twenty One Capital, alongside crypto exchange Bitfinex.
SoftBank, a Japanese investment giant, has also placed a significant bet on the company, investing $900 million into the venture.
As part of the business plan, the merger will raise around $585 million to support further Bitcoin acquisitions, with $385 million coming from convertible senior notes and $200 million from private equity investors.
This financial backing will allow Twenty One Capital to continue its aggressive Bitcoin strategy, aiming to reach 42,000 BTC upon its public debut.
With Bitcoin trading at current values, this would position the company among the largest Bitcoin holders in the corporate world, rivaling some of the most well-known names in the industry.
While Cantor Equity Partners’ stock saw a sharp spike in value following the announcement of the merger, the price has since stabilised.
On 2 May, shares soared from $10.65 to $59.73, but have since fallen back to $29.84 as of the latest market close.
Source: X
Despite this fluctuation, the purchase of Bitcoin has generated a renewed interest in the stock, with a further 5.2% increase in after-hours trading following the announcement of the acquisition.
The upcoming merger will see the combined entity trade under the ticker symbol XXI, as Twenty One Capital continues to build its reputation as a leading institutional Bitcoin holder.
The public listing is expected to provide investors with an easier way to gain exposure to Bitcoin, bypassing the complexities of wallet management and private key security.
Tether’s involvement in the acquisition signals its continued focus on Bitcoin as a core part of its business strategy.
Alongside its role in issuing the USDT stablecoin, Tether has been making moves to position itself as a major player in institutional Bitcoin investment.
With Twenty One Capital’s launch, Tether is diversifying its interests and potentially setting the stage for a more integrated financial future in the world of cryptocurrencies.
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