Tether Acquires $459 Million in Bitcoin for Twenty One Capital

Tether has acquired 4812.2 BTC valued at $458.7 million for Twenty One Capital, which is anticipating a SPAC merger with Cantor Equity Partners, according to a report filed with the SEC.

The average purchase price was $95,319.83 per coin.

The assets are held in escrow and will be sold at the acquisition cost of the new public company as part of the initial private investments upon the closing of business combination deals.

Twenty One Capital was founded by Cantor Fitzgerald, Tether, Softbank, and Bitfinex. The company is positioned as “the best tool for investors seeking capital-efficient risk on Bitcoin.” According to a presentation, the firm’s business model is more efficient for investors compared to Michael Saylor’s Strategy.

Twenty One Capital is led by Strike founder Jack Mallers.

In an interview on May 13, he stated that the merger process is progressing, but did not specify an exact date.

Upon completion of the SPAC merger, the company will trade on Nasdaq under the ticker XXI. By that time, Twenty One Capital plans to hold 46,000 BTC.

Considering the 31,500 BTC held by Cantor Equity Partners on behalf of the company, Twenty One Capital’s assets have reached 36,312 BTC.

According to BitcoinTreasuries, the firm is already the third-largest corporate holder of Bitcoin, trailing only Strategy and MARA Holdings.

Venture investor and billionaire Tim Draper believes that companies that have yet to include Bitcoin in their treasury reserves are acting “irresponsibly.”