Tether, SoftBank and Other Giants Create Bitcoin Firm Twenty One Capital, Listing on Nasdaq via SPAC Merger
As of now, over 37,000 bitcoins have been raised and are being deposited.
(Background: U.S. listed company Classover aims to become SOL reserve enterprise! Raising $500 million, with a nearly 40% increase in a single day)
(Context: Strive acquires “Mt. Gox claims” for 75,000 bitcoins at a low price, aiming to establish BTC reserves for an IPO)
Twenty One Capital, a U.S. bitcoin company appointed Jack Mallers, founder of Strike, as CEO. The company is supported by major players including stablecoin issuer Tether, Japan’s SoftBank Group, and trading platform Bitfinex. It plans to go public on Nasdaq through a merger with a Special Purpose Acquisition Company (SPAC). Currently, the company has received over 37,000 bitcoins from shareholders.
Twenty One Capital Aiming for Nasdaq
Twenty One Capital is positioned as a “bitcoin-first” investment company and plans to merge with Cantor Fitzgerald’s SPAC, Cantor Equity Partners (CEP), to list on Nasdaq. Upon completion of the merger, the company’s stock ticker is expected to change to XXI. The estimated enterprise value of Twenty One Capital from this SPAC merger is approximately $3.6 billion, based on a bitcoin price of about $84,863. The stock price of CEP also reflects market expectations, soaring from about $10 in April to $59 in early May, and recently stabilizing around $43.
Tether Holds Largest Stake
The shareholder list of Twenty One Capital shows that Tether, the world’s largest stablecoin issuer, is its main shareholder, holding up to 51.7% of the voting rights. Today (June 3), Tether co-founder Paolo Ardoino announced that the bitcoins purchased by SoftBank have been deposited.
Tether Group is moving 10,500 BTC to address bc1qpzt4m58zzqgp84ktyuj5tz8g8k8ssg2g2d5eeerwhx4gxulqq5mqjzm5gc as part of the pre-funding of SoftBank’s investment in Twenty One Capital (XXI) https://t.co/5PmG7w9TQ2 — Paolo Ardoino (@paoloardoino) June 3, 2025
Other significant investors include Japan’s SoftBank Group, cryptocurrency exchange Bitfinex, and Wall Street investment bank Cantor Fitzgerald. The company is co-led by Jack Mallers, founder of Strike, and Brandon Lutnick, son of former Cantor Fitzgerald Chairman Howard Lutnick.
Bitcoin Vault: Aiming for Global Leadership
As of the latest data, Twenty One Capital holds 37,229 bitcoins. These assets primarily come from:
- Tether investing 14,000 bitcoins
- Bitfinex exchanging 7,000 bitcoins for equity
- SoftBank purchasing 10,500 bitcoins through Tether
- Private equity investors contributing 4,812 bitcoins
- Nearly 918 bitcoins from convertible bond financing at the end of May
The company has successfully raised approximately $785 million, including $585 million in convertible bonds and $200 million in private investment in public equity (PIPE).
The executive team of Twenty One Capital previously stated:
“Our goal is to increase our bitcoin holdings to over 42,000 before going public, which will make us surpass MARA Holdings and become the second-largest corporate bitcoin holder after MicroStrategy.”
Future Outlook: Building a Bitcoin-Native Financial Bridge
As a “pure bitcoin” company, Twenty One Capital focuses not only on bitcoin reserves but also emphasizes the amount of bitcoin held per share. Its strategy is similar to the financial asset management model of Strategy. Twenty One Capital also plans to develop a series of bitcoin-native financial products and tools, such as providing bitcoin spot collateralized lending services for institutional clients, aiming to bridge the gap between crypto assets and current traditional financial services.
