Stablecoin giant Tether has made a bold move in Bitcoin acquisition, purchasing 4,812.2 BTC worth $458.7 million for Twenty One Capital, a Bitcoin investment firm it backs. This major purchase was disclosed in a U.S. Securities and Exchange Commission (SEC) filing dated May 13, confirming that the Bitcoin was transferred to an escrow wallet on May 9 at an average price of $95,319 per BTC.
SPAC Merger in Progress with Cantor Equity Partners
The purchase comes as Twenty One Capital gears up for its SPAC merger with Cantor Equity Partners, after which the company will trade publicly under the ticker symbol XXI. Although no exact timeline for the merger’s completion has been provided, Twenty One CEO Jack Mallers confirmed that the regulatory approval process is underway.
Now the Third-Largest Corporate Bitcoin Holder
With this new acquisition, Twenty One Capital’s total Bitcoin holdings have surged to 36,312 BTC, according to BitcoinTreasuries.net. That puts the firm as the third-largest corporate holder of Bitcoin, behind only MicroStrategy and MARA Holdings, which hold 568,840 BTC and 48,237 BTC, respectively.
Tether and Bitfinex Drive the Expansion
Tether, already a major stakeholder in Twenty One Capital alongside crypto exchange Bitfinex, is playing a pivotal role in accelerating the firm’s Bitcoin accumulation strategy. Meanwhile, the merger is being financially supported and sponsored by Cantor Fitzgerald, a major Wall Street player, which has helped secure $585 million in funding.
SoftBank Bets Big with $900 Million Investment
Adding more weight to the growing institutional interest, Japanese investment conglomerate SoftBank has invested $900 million into Twenty One Capital, underscoring confidence in the firm’s long-term crypto strategy. The company is led by Strike CEO Jack Mallers, a well-known name in the Bitcoin and fintech world.
This significant investment and the alignment of global financial heavyweights suggest that institutional appetite for Bitcoin continues to deepen, even as market volatility remains a concern.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
