Twenty One Capital has added another 4,812 Bitcoin to its treasury after a fresh purchase by major backer Tether ahead of a planned Special Purpose Acquisition Company merger.
On May 9, Tether acquired the BTC at an average price of $95,319 per token and transferred the assets to an escrow wallet, as revealed in a May 13 filing with the US Securities and Exchange Commission.
The purchase, worth roughly $458.7 million, brings Twenty One Capital’s total holdings to 36,312 BTC, placing it just behind Strategy and MARA Holdings in terms of corporate Bitcoin ownership.
Tether is one of the leading stakeholders in Twenty One Capital, alongside crypto exchange Bitfinex and Japanese tech giant SoftBank. The trio co-founded the company in April 2025 with a shared goal of creating a Bitcoin-native public firm focused on long-term BTC accumulation and institutional access.
As noted in a business combination agreement signed in April, Tether agreed to buy Bitcoin equivalent to the expected proceeds from a PIPE investment and transfer it into a designated wallet to be sold to Twenty One Capital at the close of the merger.
CEO Paolo Ardoino has previously said that the stablecoin issuer views the venture as a long-term bet on Bitcoin’s institutional relevance and value proposition.
“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,” Ardoino said last month.
The merger itself is being facilitated through Cantor Equity Partners, a Cayman Islands-based SPAC affiliated with Wall Street firm Cantor Fitzgerald. Once complete, Twenty One Capital will be listed under the ticker “XXI” on public markets.
Cantor Fitzgerald is also providing advisory services and securing additional capital to support the company’s Bitcoin-focused strategy.
Earlier filings disclosed that the company plans to debut with at least 42,000 Bitcoin in assets. As a part of the commitment, Tether will provide 23,950 BTC, SoftBank 10,500 BTC, and Bitfinex around 7,000 BTC, all of which will be converted into shares priced at $10 each.
Last month, Twenty One Capital positioned itself as a future competitor to Strategy (formerly MicroStrategy), stating its goal is to become the “superior vehicle” for capital-efficient Bitcoin exposure.
Rather than focusing on traditional financial metrics, the company said it will prioritize “Bitcoin per share” as its key success indicator.
At the helm of this initiative is Strike founder Jack Mallers, who was appointed CEO of Twenty One Capital in April.
Known for his vocal support of Bitcoin and his work on Lightning-based payments, Mallers described the new company as a stock “built by Bitcoiners, for Bitcoiners.”
Mallers has outlined ambitious plans for Twenty One to roll out Bitcoin-native financial products, including lending tools and capital market offerings.
“Our mission is simple: to become the most successful company in Bitcoin,” Mallers said at the time.
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