Tether Invests $3 Billion in Bitcoin for Twenty One Capital Launch

Tether has made significant investments in Bitcoin to support the launch and pre-funding of Twenty One Capital, a Bitcoin-native firm. The stablecoin issuer has transferred a total of over $3 billion worth of Bitcoin to facilitate this venture. The first transfer involved 10,500 BTC, valued at approximately $1.1 billion, sent to an address linked to Japanese investment giant SoftBank. This transfer is part of SoftBank's upcoming investment into Twenty One Capital.

Additionally, Tether made a separate transfer of 917 BTC, valued at around $96 million, to an address associated with convertible equity investors in Twenty One Capital. This allocation was made to support investor options in the venture. Earlier, on June 2, Tether and its affiliates executed a combined transfer of 25,812 BTC, amounting to approximately $2.7 billion. That round included 14,000 BTC from Tether, 7,000 BTC from Bitfinex, and a 4,812 BTC portion designated for an equity raise.

Together with the latest transactions, Twenty One Capital now holds over 42,000 BTC, making it the third-largest corporate Bitcoin holder globally. The latest disclosure builds on an earlier investment made on May 9, when Tether acquired 4,812 BTC at an average price of $95,319 per token. Those coins were transferred to an escrow wallet, lifting Twenty One Capital’s treasury to 36,312 BTC at the time.

Tether, along with Bitfinex and SoftBank, co-founded Twenty One Capital in April 2025. The firm is established as a Bitcoin-first institutional platform designed to facilitate capital market services natively on Bitcoin, including custody, lending, and asset issuance. Twenty One Capital plans to build native infrastructure for custody, lending, and capital markets directly on Bitcoin, thereby acting as a foundational layer for institutional BTC adoption.

Strike CEO Jack Mallers is leading the venture as it plans to go public via a SPAC merger with Cantor Fitzgerald’s Cantor Equity Partners. Under the terms of the business combination agreement, Tether agreed to contribute Bitcoin equivalent to proceeds from a PIPE investment, to be sold to Twenty One Capital at the time of the merger’s close. The new entity will list on Nasdaq under the ticker “XXI” and debut with more than 42,000 BTC in its treasury.

As part of its commitment, Tether will add 23,950 BTC, while SoftBank and Bitfinex will contribute 10,500 BTC and 7,000 BTC, respectively. All allocations will be converted into shares priced at $10 each. Cantor Fitzgerald is also advising on the deal and securing additional capital. According to Mallers, upon launch, Twenty One Capital will become an investment vehicle “built by Bitcoiners, for Bitcoiners,” aiming to become the most successful company in Bitcoin.

Contrary to the traditional approach, the firm will focus on “Bitcoin per share” as a core performance metric, shifting away from conventional measures such as earnings or revenue growth. Instead, its success will be gauged by how much Bitcoin it holds relative to its outstanding shares. This strategic move underscores the firm's commitment to Bitcoin and its potential as a store of value and medium of exchange.