Boom! Tether Drops Nearly $460M on Bitcoin for Twenty One Capital's Big SPAC Merger!

Tether Goes All-In with 4,812 BTC Purchase

Holy smokes, folks! Tether just flexed its financial muscles, snagging another 4,812 Bitcoins for Twenty One Capital right before their mind-blowing SPAC merger. That's right, on May 9, Tether scooped up those BTC beauties at an average price of $95,319 each and stashed them in an escrow wallet. We found out about this jaw-dropping move in a May 13 filing with the US Securities and Exchange Commission.

Twenty One Capital's BTC Stash Skyrockets

This epic purchase, valued at around $458.7 million, has Twenty One Capital sitting pretty with a total of 36,312 BTC. That puts them hot on the heels of Strategy and MARA Holdings in the corporate Bitcoin ownership race. It's like watching a high-stakes poker game, and Twenty One Capital is holding some serious cards!

Tether, Bitfinex, and SoftBank: The Power Trio Behind Twenty One Capital

Tether isn't flying solo in this adventure. They're joined by crypto exchange heavyweight Bitfinex and Japanese tech giant SoftBank. These three musketeers co-founded Twenty One Capital back in April 2025, all united in their mission to create a Bitcoin-native public firm that's all about long-term BTC accumulation and giving institutions a piece of the action.

Tether's Bitcoin Bet: A Long-Term Play

According to a business combination agreement signed in April, Tether agreed to buy Bitcoin worth the expected proceeds from a PIPE investment and transfer it into a special wallet. Once the merger closes, that Bitcoin will be sold to Twenty One Capital. CEO Paolo Ardoino has made it crystal clear that Tether sees this as a long-term bet on Bitcoin's institutional relevance and value proposition.

"Twenty One will take a Bitcoin-first approach that aligns with our vision—prioritizing accumulation over speculation and building long-term value for those who understand what Bitcoin represents," Ardoino declared last month. It's like he's shouting from the rooftops about Bitcoin's potential!

Cantor Equity Partners: The Masterminds Behind the Merger

The merger itself is being orchestrated by Cantor Equity Partners, a Cayman Islands-based SPAC connected to Wall Street bigwig Cantor Fitzgerald. Once this deal is done, Twenty One Capital will be strutting its stuff on public markets under the ticker "XXI". And guess what? Cantor Fitzgerald is also providing advisory services and helping secure extra capital to fuel Twenty One Capital's Bitcoin-focused strategy.

Twenty One Capital's Ambitious Bitcoin Goals

Earlier filings spilled the beans that Twenty One Capital plans to launch with at least 42,000 Bitcoin in its arsenal. Tether is bringing a whopping 23,950 BTC to the party, SoftBank is chipping in 10,500 BTC, and Bitfinex is adding around 7,000 BTC. All of this will be converted into shares priced at $10 each. It's like watching a Bitcoin heist movie, but it's all above board!

Last month, Twenty One Capital threw down the gauntlet, positioning itself as a future rival to Strategy (formerly MicroStrategy). They're gunning to be the "superior vehicle" for capital-efficient Bitcoin exposure. Instead of getting bogged down in traditional financial metrics, they're all about "Bitcoin per share" as their key success indicator. It's a bold new way of measuring success in the crypto world!

Jack Mallers: The Bitcoin Visionary Leading the Charge

At the helm of this Bitcoin revolution is none other than Strike founder Jack Mallers, who took the CEO reins at Twenty One Capital in April. Known for his passionate support of Bitcoin and his work on Lightning-based payments, Mallers described the new company as a stock "built by Bitcoiners, for Bitcoiners". It's like he's rallying the troops for a Bitcoin takeover!

Mallers has big plans for Twenty One, including rolling out Bitcoin-native financial products like lending tools and capital market offerings. "Our mission is simple: to become the most successful company in Bitcoin," Mallers declared at the time. It's a bold statement, but with this team and this vision, who knows what they might achieve?