- With $459 million, Tether acquired 4,812 Bitcoin to finance Twenty One Capital.
- Twenty One Capital merges with Cantor Equity Partners via SPAC deal.
- New firm aims to hold 42,000 Bitcoin at launch, ranking globally.
Tether, the company that is responsible for USDT stablecoin, bought 4,812 Bitcoin worth $458.7 million on May 9, 2025.Twenty One Capital has taken a major step toward establishing itself as a new Bitcoin treasury corporation by making this purchase, which averages $95,319.83 per Bitcoin. This purchase aligns well with the business combination agreement made with Cantor Equity Partners, a special-purpose acquisition company (SPAC).
Bitcoin is at the moment sitting in a designated wallet, pending the completion of a private investment in public equity (PIPE) financing deal. Tether will transfer the assets to Twenty One Capital after the transaction is finalized, as stated in the agreement filed with the U.S. Securities and Exchange Commission (SEC).
Strategic Merger and Financial Structure
The process of creation of Twenty One Capital is a merger with Cantor Equity Partners, headed by Brandon Lutnick. The deal comprises $385 million in convertible senior secured notes and $200 million in common equity financing. The company will mainly use such funds to purchase more Bitcoins and may attract another $100 million through convertible notes within 30 days after the first transaction.
When it goes public, the business plans to possess over forty-two thousand Bitcoin, making it one of the largest corporate Bitcoin holders globally. Data from the Bitcoin Treasuries would place Twenty One Capital as the 17th largest corporate holder of bitcoins and in fifth position as a private company. The firm will trade on Nasdaq with the ticker “XXI” after it completes the merger.
Tether, Bitfinex, and SoftBank Group are the operators of the venture; yet, Tether and iFinex hold the biggest share of ownership in the project.SoftBank owns a sizable minority stake in Twenty One Capital, even though Jack Mallers is the company’s CEO.
Institutional Push for Bitcoin Adoption
Twenty One Capital wants to connect the world of traditional finance and the world of cryptocurrency by providing public-market exposure to Bitcoin. The firm intends to offer Bitcoin-native services such as lending and reserves management to institutional investors who want to get exposure to crypto but without direct exchange participation.
By taking this action, Tether is demonstrating its growing interest in integrating Bitcoin. The company has taken a position to help traditional investors, using the listing to increase Bitcoin’s presence in institutions. The enormity of the enterprise, on the other hand, raises questions about the regulatory monitoring and transparency that will be implemented because of the history of Tether and the complexities of the public Bitcoin treasury.
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