Twenty One Capital and Tether Purchase $458.7 Million in Bitcoin

Tether has acquired 4,812.2 Bitcoin, valued at $458.7 million, for Twenty One Capital—a Bitcoin investment firm pursuing a SPAC merger with Cantor Equity Partners.

Jack Mallers' Twenty One Capital and Tether just bought 4,812 #Bitcoin for $458 million. pic.twitter.com/3lPcb6567U
— TFTC (@TFTC21) May 13, 2025

A May 13th SEC filing disclosed the Bitcoin was bought at an average price of $95,319 and transferred to an escrow wallet on May 9th.

The purchase increased Twenty One’s total Bitcoin holdings to 36,312 Bitcoin, including 31,500 Bitcoin held in custody by Cantor.

The firm is expected to trade under the ticker “XXI” once the merger is complete.

Twenty One CEO Jack Mallers confirmed the merger is undergoing regulatory review but gave no timeline.

Don't miss this brand new conversation with @jackmallers on Strike's new lending product (and Jack's commitment to no rehypothecation), the full scoop on Twenty One Capital, Bitcoin corporate treasuries following $MSTR, and the emerging world monetary order reset.

Let us know… pic.twitter.com/cVAI7F5amM
— Natalie Brunell ⚡️ (@natbrunell) May 13, 2025

According to BitcoinTreasuries.net, Twenty One is the third-largest corporate Bitcoin holder, behind Strategy (568,840 Bitcoin) and MARA Holdings (48,237 Bitcoin).

Tether and Bitfinex are majority stakeholders in the firm. Cantor Fitzgerald is sponsoring the merger and raising $585 million to support Bitcoin acquisitions. SoftBank has invested $900 million.

In regulatory filings, Twenty One described itself as a capital-efficient vehicle for Bitcoin exposure, aiming to prioritize Bitcoin per share over traditional earnings metrics.

The company targets 42,000 Bitcoin at launch, with planned contributions of 23,950 Bitcoin from Tether, 10,500 from SoftBank, and 7,000 from Bitfinex—converted to equity at $10 per share.