Twenty One Capital, supported by Tether, Cantor Fitzgerald, and SoftBank, has purchased 4,812 BTC for $458.7 million, initiating an aggressive accumulation strategy.
Tether buys 4,812 BTC via its new structure Twenty One Capital
New player, but colossal ambitions. Twenty One Capital, backed by Tether, Cantor Fitzgerald, and SoftBank, has made a significant move by acquiring 4,812 BTC for a total of $458.7 million. A substantial transaction carried out as part of a PIPE (Private Investment in Public Equity), marking the beginning of an ultra-aggressive strategy focused on Bitcoin.
A structure backed by giants of finance and stablecoins
Created through a merger with the SPAC Cantor Equity Partners, Twenty One Capital enters the market with $3.6 billion in BTC on its balance sheet, making it the third-largest holder of Bitcoin among listed companies. The fund is led by Jack Mallers, a well-known figure in the ecosystem and founder of Strike.
The majority of the capital is held by Tether and Bitfinex, its sister company, while SoftBank holds a minority stake. The message is clear: the goal is to become a global reference for Bitcoin exposure.
A well-oiled financial mechanism
The purchase of 4,812 BTC is part of a sophisticated setup. As part of a fundraising through convertible bonds, subscriptions generated immediate gross proceeds used to acquire Bitcoin. Tether first received the funds, purchased the BTC, and then transferred them to a wallet under its control.
Once the merger is completed, Tether sells the bitcoins to Twenty One Capital for a fixed amount of $458.7 million. The operation is referred to as an ‘Initial PIPE Bitcoin’, and appears to be just the first step in a massive accumulation plan.
A new Michael Saylor?
With its radically pro-Bitcoin stance and a nearly half-billion-dollar move, Twenty One Capital follows in the footsteps of MicroStrategy. Jack Mallers is applying Saylor’s recipe to the letter: building a publicly traded company entirely focused on accumulating BTC, with the support of traditional finance giants and crypto-assets.
The battle for the status of the largest corporate holder of Bitcoin is officially reignited.
