Tether Backed Twenty One Capital To Increase Bitcoin Holdings To 43,500 BTC

Twenty Capital has revealed plans to further solidify its position as one of the largest Bitcoin treasury companies. The company plans to accumulate more Bitcoin ahead of its public listing, which would happen after it closes its business combination.

Twenty One Capital To Expand Bitcoin Treasury To 43,500 BTC

In a press release, the company announced that it expects to receive around 5,800 additional BTC (following an initial transfer of 18,812 BTC) from Tether, ahead of its planned public listing. This will bring its total holdings to over 43,500 BTC before the close of its business combination to go public.

This development follows Twenty One Capital CEO Jack Mallers’ statement that his company plans to buy as much Bitcoin as possible. He also revealed that they will use the company’s cash flows to fund these purchases.

With this latest development, the company will further strengthen its position as the third-largest corporate Bitcoin treasury in the world, behind only Michael Saylor’s Strategy and BTC miner MARA Holdings. Strategy and MARA hold 607,770 BTC and 50,000 BTC, respectively.

Meanwhile, Twenty One Capital stated it acquired its current Bitcoin holdings at a blended average cost of $87,280.37 per BTC. Upon the closing of its business combination with Cantor Equity Partners (CEP), each of its shares will represent around 12,559 sats per share.

It is worth mentioning that Tether and crypto exchange Bitfinex will hold majority stakes in the company. SoftBank Group will hold a minority stake. The company had launched its Bitcoin treasury with donations from these companies.

How It Will Operate As a Bitcoin Treasury Company

Twenty One Capital also announced that it will introduce a performance metric based on Bitcoin Per Share (BPS). This transparent metric will reflect the amount of Bitcoin the company holds, which each fully-diluted share will also represent.

The company noted that, unlike traditional earnings-per-share models, this metric will enable investors to track Bitcoin-denominated performance directly. It plans to operate in a way that gives shareholders BTC exposure without the legacy liabilities or dilution risks that can come with businesses that operate outside the Bitcoin ecosystem.

Commenting on his company’s plans, Mallers said,

We believe Bitcoin deserves a public company worthy of its ethos. With the partners, capital, team, and structure we’ve assembled, we feel like we can do anything, and we’re just getting started. Twenty One is a new kind of public company: built on Bitcoin, backed with proof, and driven by a vision to reshape the global financial system. We’re not here to beat the existing system, we’re here to build a new one.

The company plans to trade under the ticker ‘XXI.’ It has already filed the draft registration statement with the SEC. However, the public listing is still subject to customary closing conditions, including the approval of CEP’s shareholders.

Besides Twenty One Capital, CEP also recently agreed with Adam Back to take his Bitcoin Standard Treasury Company (BSTR) public. BSTR will also be a Bitcoin treasury company and is expected to launch with 30,021 BTC, making it the fourth-largest treasury company, just behind Mallers’ company.