Twenty One Capital, a Bitcoin-native treasury firm backed by Tether, SoftBank, and Cantor Fitzgerald, is aggressively expanding its Bitcoin holdings ahead of a planned public listing. The company announced plans to acquire an additional 5,800 BTC from Tether, bringing its total holdings to over 43,500 BTC – valued at approximately $5.15 billion at current prices. CEO Jack Mallers remains bullish, asserting Bitcoin’s price will surpass $150,000 as scarcity intensifies.
The move positions Twenty One as the third-largest corporate Bitcoin treasury globally, behind only Strategy and Marathon Digital. The firm’s BTC was acquired at an average cost of $87,280.37, generating $1.3 billion in unrealized gains. Mallers emphasized Bitcoin’s inelastic supply during a Bloomberg Crypto appearance, stating: “There’s always Bitcoin available—it just depends on what you’re willing to pay for it”.
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Twenty One Capital’s Strategic Expansion
Twenty One’s latest acquisition of 5,800 BTC exceeds its initial projections by 1,500 BTC, reflecting heightened institutional demand. The firm’s holdings now represent a blended average cost of $87,280.37 per BTC, with plans to further increase exposure through strategic partnerships.
Key metrics include:
| Total BTC Holdings | 43,500 |
|---|---|
| Valuation | $5.15 billion |
| Average Cost | $87,280.37 |
| Additional BTC from Tether | 5,800 |
Upon public listing via a business combination with Cantor Equity Partners (CEP), each share will represent approximately 12,559 satoshis – aligning investor returns directly with Bitcoin’s price movements.
Tether and SoftBank’s Role in the Venture
Tether, the stablecoin issuer, has been instrumental in supplying Bitcoin to Twenty One. The additional 5,800 BTC acquisition underscores Tether’s commitment to supporting Bitcoin-centric initiatives. SoftBank Group’s involvement signals confidence in Bitcoin’s long-term value proposition, particularly as institutional adoption accelerates.
Paolo Ardoino, Tether’s CEO, highlighted Bitcoin’s role as a “foundational protocol for freedom, transparency, and resilience,” aligning with Twenty One’s mission to maximize shareholder exposure to BTC.
Cantor Fitzgerald’s SPAC Deal and Public Listing
The planned business combination with CEP, a special-purpose acquisition company (SPAC), aims to enhance liquidity and transparency. Twenty One will introduce a Bitcoin Per Share (BPS) metric, replacing traditional earnings-per-share metrics to reflect performance in BTC terms.
“This structure ensures investors benefit directly from Bitcoin’s price appreciation,” Mallers explained, emphasizing the firm’s focus on long-term BTC accumulation.
For more details on the SPAC deal, visit CoinDesk’s coverage of Twenty One’s strategic moves.
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Market Impact and Long-Term Outlook
Twenty One’s aggressive accumulation strategy could amplify Bitcoin’s scarcity narrative, potentially driving prices higher. Mallers’ $150,000 price target aligns with broader institutional optimism, as firms increasingly view BTC as a hedge against inflation and monetary policy risks.
“Bitcoin is the scarcest thing,” Mallers reiterated, arguing that demand will outpace supply as adoption grows. This sentiment resonates with other corporate treasuries, which have collectively accumulated over 1 million BTC.
- Bitcoin Per Share (BPS)
- A performance metric tracking a company’s Bitcoin holdings relative to shares outstanding, replacing traditional earnings-per-share metrics.
- Satoshi
- The smallest unit of Bitcoin, equivalent to 0.00000001 BTC.
- SPAC (Special-Purpose Acquisition Company)
- A publicly traded shell company used to acquire private firms, enabling them to go public without a traditional IPO.
- Corporate Treasury
- A company’s reserve of assets, often including Bitcoin, held to hedge against financial risks or capitalize on price appreciation.
