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Twenty One Capital, a Bitcoin treasury firm backed by Tether Holdings, SoftBank Group, and an affiliate of
Fitzgerald, is set to expand its Bitcoin holdings to at least 43,500 BTC, valued at approximately $5.15 billion, following the acquisition of an additional 5,800 tokens [1]. This acquisition increases the firm’s total holdings by around 1,500 BTC beyond its initial projection at launch in April 2025 [2]. The move underscores the company’s strategic build-up of Bitcoin reserves ahead of its anticipated public listing.With this expansion, Twenty One is positioned to become the third-largest corporate Bitcoin treasury globally, having acquired its BTC at an average cost of $87,280.37 per coin [1]. The firm is preparing for a business combination with
Partners (CEP), a special-purpose acquisition company (SPAC) sponsored by Cantor Fitzgerald. Upon completion, each share of Twenty One is expected to represent around 12,559 satoshis, the smallest unit of Bitcoin [2].The firm has also introduced a performance metric called Bitcoin Per Share (BPS), which allows shareholders to track performance in BTC rather than traditional earnings-per-share metrics, aiming to enhance transparency and investor confidence [1]. Paolo Ardoino, CEO of Tether, emphasized the significance of the initiative, stating that Bitcoin represents a foundational protocol for freedom, transparency, and resilience [1].
Twenty One has submitted a draft registration statement on Form S-4 to the U.S. Securities and Exchange Commission (SEC) and is seeking to trade under the ticker symbol “XXI” [2]. The company has committed to a transparent custody model, ensuring all Bitcoin is verifiably held on-chain with real-time proof of reserves accessible for public scrutiny [1].
Jack Mallers, Co-Founder and CEO of Twenty One, expressed confidence in the company’s vision, stating that Bitcoin deserves a public company worthy of its ethos [1]. With Bitcoin trading at around $117,855, the expanded holdings signal a strategic shift in asset management and reflect the growing institutional interest in Bitcoin as a reserve asset [4].
The firm’s accumulation of Bitcoin may influence broader market sentiment, as it could be interpreted as a vote of confidence in the long-term value of the cryptocurrency. Additionally, the increased treasury size could play a stabilizing role in the market if the firm engages in market operations such as price support or hedging strategies [5].
As Twenty One prepares for its listing, the expanded Bitcoin holdings are expected to attract both institutional and retail investors, providing a robust and diversified asset base in a market known for volatility and speculation [6]. This strategic move aligns with the increasing acceptance of Bitcoin as a legitimate financial asset in the digital economy.
Source:
[1] Bitcoinist.com, Twenty One Capital Gears Up To Expand Bitcoin Holdings To At Least 43,500 BTC, 2025-06-20, https://bitcoinist.com/twenty-one-capital-to-expand-bitcoin-holdings/
[2] Morningstar, Twenty One Expects to Add 5800 Bitcoin Before Planned Listing, Increasing Holdings to At Least 43,500 BTC, 2025-07-29, https://www.morningstar.com/news/business-wire/20250729447172/twenty-one-expects-to-add-5800-bitcoin-before-planned-listing-increasing-holdings-to-at-least-43500-btc
[3] Bitcoin Magazine, Cypherpunks Used To Dream of True ..., n.d., https://www.instagram.com/p/DMsNfsPTIri/
[4] CoinGecko, BTC to USD: Bitcoin Price in US Dollar, 2025-07-08, https://www.coingecko.com/en/coins/bitcoin/usd
[5] Binance, Latest TETHER News, Opinions and Feed Today, 2025-07-29, https://www.binance.com/en/square/hashtag/TETHER
[6] FXEmpire, BTC Price Forecasts, Predictions & News, 2025-07-28, https://www.fxempire.com/crypto/bitcoin/news
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