Tether has made a significant move into the Bitcoin investment landscape, announcing a substantial purchase aimed at bolstering the holdings of a new fund. This strategic acquisition is part of a broader initiative involving key players in finance and technology, signaling a serious ambition to become a leading entity in corporate Bitcoin accumulation, potentially challenging established giants like MicroStrategy.
The stablecoin issuer confirmed it acquired 4,812 Bitcoins. This considerable purchase was valued at approximately $458.7 million and is specifically designated for the Twenty One Capital fund. Following the acquisition, the digital assets were transferred to a dedicated escrow wallet established for the fund’s operations.
About Twenty One Capital and Public Listing Plans
Twenty One Capital is a collaborative venture involving prominent partners, including Cantor Fitzgerald, SoftBank, and Bitfinex, alongside Tether. The fund has outlined plans to go public in the near future through a merger with Cantor Equity Partners, a process known as a Special Purpose Acquisition Company (SPAC) transaction. This intended listing was publicly disclosed on May 13, 2025, via a filing submitted to the U.S. Securities and Exchange Commission (SEC). Upon completion of the merger, the fund is expected to trade under the ticker symbol XXI.
According to the fund’s CEO, Jack Mallers, the necessary approvals for the transaction are currently being processed, although a specific timeline for the public debut was not provided.
Strategic Goals and Holdings
The primary strategic objective for Twenty One Capital is ambitious: to surpass Michael Saylor’s MicroStrategy and become the foremost publicly traded company by the volume of Bitcoin held. The fund’s performance will primarily be measured by its Bitcoin holdings per share, rather than traditional operational profitability metrics, emphasizing its core mission of asset accumulation.
The Twenty One Capital fund’s current Bitcoin portfolio stands at 36,312 BTC. This total includes 31,500 BTC already held by Cantor Fitzgerald. The fund aims to significantly increase its holdings, targeting a total of approximately 42,000 BTC by the time it officially launches as a public entity.
Funding and Contribution Structure
The venture is supported by substantial financial commitments from its partners. Cantor Fitzgerald is providing $585 million in funding, while SoftBank has contributed $900 million. Shares in the fund are set to be converted at a value of $10 per share.
The targeted 42,000 BTC at launch is expected to be compiled from contributions from the core partners:
| Contributor | Approximate BTC Contribution |
| Tether | 24,000 BTC |
| SoftBank | 10,500 BTC |
| Bitfinex | 7,000 BTC |
| Total Target | 42,000 BTC |
Data indicates that once the merger is finalized, Twenty One Capital is projected to rank as the third-largest corporate holder of Bitcoin globally, trailing only MicroStrategy and Marathon Digital (MARA). The fund’s leadership expressed optimism for a prompt regulatory approval process to facilitate the completion of the acquisition and listing.
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