On May 9, Tether made a bold move, snapping up Bitcoin at an average price of $95,319 per token and stashing it in an escrow wallet. The purchase, totaling around $458.7 million, pushes Twenty One Capital's Bitcoin stash to a solid 36,312 BTC. This now puts them just behind Strategy and MARA Holdings in the corporate Bitcoin ownership rankings. Not bad, right?
Tether isn’t flying solo on this one. They're a major player in Twenty One Capital, alongside crypto exchange Bitfinex and Japanese tech giant SoftBank. This trio co-founded the company back in April 2025 to build a Bitcoin-native public firm that prioritizes long-term BTC accumulation and provides institutional access to the crypto world. Sounds like a dream team for the Bitcoin faithful.
Twenty One Capital's Vision: A Bitcoin-First Approach to the Market
According to the business agreement signed in April, Tether is on the hook to buy Bitcoin equivalent to the expected proceeds from a PIPE investment. The plan? Transfer the Bitcoin to a designated wallet and then sell it to Twenty One Capital after the merger goes through.
Paolo Ardoino, CEO of Tether, has made it clear: this venture is a long-term play. It’s all about Bitcoin’s institutional relevance and its value proposition. As he said last month,
“Twenty One will take a Bitcoin-first approach that aligns with our vision—prioritizing accumulation over speculation and building long-term value for those who understand what Bitcoin represents.”
The merger is being handled through Cantor Equity Partners, a Cayman Islands-based SPAC tied to Wall Street's Cantor Fitzgerald. Once the dust settles, Twenty One Capital will be listed on public markets under the ticker “XXI.” Cantor Fitzgerald is also providing advisory services and securing extra capital for the company’s Bitcoin-focused strategy.
Earlier filings revealed that Twenty One plans to debut with at least 42,000 BTC in assets. As part of the deal, Tether will contribute 23,950 BTC, SoftBank will pitch in 10,500 BTC, and Bitfinex will throw in around 7,000 BTC. All these BTCs will be converted into shares priced at $10 each.
And it doesn’t stop there. Twenty One Capital is eyeing a position as a top contender for Strategy. Their big goal? Becoming the “superior vehicle” for capital-efficient Bitcoin exposure. Instead of obsessing over traditional financial metrics, they’re going all-in on "Bitcoin per share" as their key success indicator.
Strike Founder Jack Mallers Takes the Lead with Bold Plans
Leading the charge is Strike founder Jack Mallers, who was named CEO of Twenty One Capital in April. Mallers, a staunch Bitcoin advocate and Lightning Network enthusiast, described the new venture as a stock "built by Bitcoiners, for Bitcoiners."
With Mallers at the helm, the company has ambitious plans to roll out Bitcoin-native financial products like lending tools and capital market offerings. “Our mission is simple: to become the most successful company in Bitcoin,” Mallers said. So, buckle up, because Twenty One Capital is aiming for the stars.
Abimbola Adu
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