Tether Acquires $459M in Bitcoin for Twenty One Capital

Tether purchased 4,812 BTC worth $459 million for Twenty One Capital, solidifying its influence in institutional Bitcoin exposure. The move further boosts Twenty One’s position among the top corporate holders of BTC.

Institutional Demand for Bitcoin Accelerates

On May 9, Tether acquired 4,812 BTC at $95,319 each, totaling $458.7 million, and transferred the assets to an escrow wallet. The transaction supports Twenty One Capital, which is preparing for a SPAC merger with Cantor Equity Partners and will trade under the ticker XXI.

According to a May 13 SEC filing, Twenty One Capital’s total Bitcoin holdings now stand at 36,312 BTC, with 31,500 held via Cantor.

Twenty One Targets Top Spot Among BTC Holders

CEO Jack Mallers confirmed that merger approval is underway, though no completion date has been shared. With this purchase, Twenty One becomes the third-largest corporate Bitcoin holder after Strategy and MARA Holdings.

The firm positions itself as the premier “pure play” Bitcoin vehicle, prioritizing BTC per share over traditional earnings. It aims to maximize Bitcoin exposure over generating profits.

Strategic Backing and Growth Ambitions

Twenty One is backed by Tether, Bitfinex, and SoftBank, with SoftBank contributing $900 million. The firm targets 42,000 BTC at launch, with contributions expected as follows:

• 23,950 BTC from Tether
• 10,500 BTC from SoftBank
• 7,000 BTC from Bitfinex (converted to equity at $10 per share)

Cantor Fitzgerald sponsors the merger and secured $585 million in funding. Twenty One’s vision is to rival Strategy’s dominance by building a BTC-native, capital-efficient investment platform.