David Edwards
Tether has made a significant investment in Bitcoin, paying $458.7 million for 4,812 BTC on behalf of Twenty One Capital, a new Bitcoin treasury business that Jack Mallers created. The purchase was carried out at an average price of $95,320 per Bitcoin, as revealed by Cantor Equity Partners in a May 13 report to the U.S. Securities and Exchange Commission (SEC).
In April, Tether, Bitfinex, Cantor Fitzgerald, and SoftBank Group unveiled Twenty One Capital, a collaborative effort. The company will go public on the Nasdaq with the ticker code XXI and will be launched through a SPAC merger with Cantor Equity Partners.
Twenty One Capital, which is expected to debut with more than 42,000 Bitcoin worth roughly $4.4 billion, is positioned to grow into one of the biggest Bitcoin treasury vehicles. SoftBank will control a minority interest, while Tether and Bitfinex will retain the majority. Jack Mallers, the CEO of Strike, a Bitcoin payments company, will lead the company.
Through a combination of convertible notes and private equity investments, the firm hopes to raise close to $600 million. 21 Capital intends to launch Bitcoin loan products and other digital asset financial services in addition to overseeing a sizable Bitcoin treasury.
This action strengthens Tether’s ability to make significant cryptocurrency investments, as it comes soon after the company announced over $1 billion in Q1 revenue. A rising number of businesses are actively acquiring Bitcoin, including Tether. Michael Saylor’s Strategy paid $1.34 billion for 13,390 BTC in May alone, while Japan’s Metaplanet bought 1,241 BTC, surpassing the El Salvadoran government’s holdings.
River claims that corporate entities have become the main driver of Bitcoin accumulation in 2025, having purchased 157,000 BTC so far, totaling more than $16 billion. This increase is surpassing the rates at which governments, private investors, and ETFs are being acquired. The trend is further supported by data from Bitwise, which shows that in Q1 2025, at least twelve publicly traded companies added Bitcoin to their balance sheets for the first time, helping to drive a 16% growth in the total amount of BTC held by publicly traded corporations.
