Tether Buys $459M Bitcoin For New Treasury Firm 21 Capital

In a filing with the US Securities and Exchange Commission on May 13, Cantor Equity Partners revealed that Tether bought 4,812 Bitcoin for a total of $458.7 million and an average price of $95,320 per BTC.

The purchase was on behalf of Jack Mallers’ recently launched Bitcoin treasury company, Twenty One Capital.

Twenty One Capital, announced in April, is being formed through a collaboration between Tether, Bitfinex, Cantor Fitzgerald, and SoftBank Group, with plans to launch via a special purpose acquisition company (SPAC) merger with Cantor Equity Partners.

Once completed, the company will trade on the Nasdaq under the ticker XXI.

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Tether’s Treasury Firm

Twenty One Capital plans to launch with a substantial treasury of more than 42,000 BTC worth approximately $4.4 billion. Tether and Bitfinex will be the majority owners, with SoftBank holding a minority stake.

Under incoming CEO Jack Mallers, who also runs Bitcoin payments firm Strike, the venture aims to raise nearly $600 million through convertible notes and private-equity investments. It intends to offer Bitcoin lending services alongside other financial products.

The big Bitcoin buy also comes shortly after Tether reported more than $1 billion in revenue in the first quarter.

Tether is among several large companies that have been aggressively scooping up BTC this month. Michael Saylor’s Strategy hoovered up a whopping 13,390 Bitcoin for $1.34 billion while Japanese investment firm Metaplanet added a further 1,241 BTC to its treasury, which surpassed that of El Salvador on May 12.

Corporate Buying Outpaces Retail

Bitcoin investment firm River reported that businesses were outpacing exchange-traded products, governments, and even individual investors for overall Bitcoin accumulation growth this year.

It noted that overall corporate holdings growth so far in 2025 totalled 157,000 BTC, worth more than $16 billion at current prices.

Last month, Bitwise reported that at least twelve public companies bought Bitcoin for the first time in Q1 2025, and the amount of BTC held by publicly traded companies rose by 16% for the period.

Over the weekend, CryptoQuant CEO Ki Young Ju said Strategy had turned Bitcoin into a deflationary asset as it was buying at a faster rate than total miner output, giving the asset a -2.3% annual deflation rate.

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