Key Points:Twenty One Capital reportedly exploring U.S. dollar loans collateralized by Bitcoin.Firm now holds 43,500 BTC (≈$5.13B), after acquiring 5,800 BTC from Tether.Backed by Cantor Fitzgerald, Tether, Bitfinex and SoftBank; eyeing a SPAC merger.Twenty One Capital, a Bitcoin-focused investment firm backed by Cantor Fitzgerald and Tether, is considering issuing U.S. dollar loans secured by Bitcoin, according to a Bloomberg report citing sources familiar with the matter.A company spokesperson said, “Optionality is wealth; for us everything is on the table because we think we can do anything,” hinting at broader ambitions beyond simply holding Bitcoin.The firm has aggressively grown its treasury, now holding 43,500 BTC — around $5.13 billion at current prices — after recently acquiring 5,800 BTC from Tether. This total exceeds earlier projections by 1,500 BTC.Public launch and lending pivotLaunched in April, Twenty One Capital aims to build one of the world’s largest Bitcoin treasuries and is supported by Tether, Bitfinex and SoftBank. The company is expected to go public via a merger with SPAC Cantor Equity Partners in the near future.The potential move into BTC-backed lending mirrors a broader industry trend, as crypto firms seek yield on their holdings. Major miners like MARA Holdings and CleanSpark have already begun using derivatives and options to generate revenue, while JPMorgan is reportedly evaluating crypto-collateralized lending by 2026.Crypto lending sees renewed growthThe lending space is heating up both in traditional finance and DeFi. San Francisco-based Divine Research has issued roughly 30,000 uncollateralized short-term USDC loans since late 2024, while DeFi lending surged to $70 billion in locked value last quarter, according to Sygnum’s latest outlook.Sygnum noted: “The DeFi lending sector is one of the strongest beneficiaries of market rallies, with active loans on Ethereum surging to new all-time highs as investors take on greater risk and leveraged exposure.”With Bitcoin-backed loans now on the table, Twenty One Capital’s strategy signals the next phase in how institutional players use crypto assets for capital generation — moving beyond simply hodling.
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