Tether Buys $458M Bitcoin For Twenty One Capital As It Moves To Challenge Michael Saylor’s Strategy

Tether has purchased $458.7 million worth of Bitcoin for Twenty One Capital, a crypto investment firm it backs that says it wants to overtake Strategy (formerly MicroStrategy) as the largest corporate holder of BTC.

A May 13 filing disclosed that Tether acquired 4,812.2 Bitcoin at an average purchase price of $95,319. The BTC was transferred to an escrow wallet as Twenty One Capital prepares to complete a SPAC merger with Cantor Equity Partners.

Twenty One Capital Is Already The Third-Largest Corporate BTC Holder

Twenty One Capital is already the third-largest corporate Bitcoin holder, behind Strategy and Bitcoin mining firm MARA Holdings  — and is positioning itself as a more “capital-efficient” vehicle for investors seeking direct Bitcoin exposure.

Twenty One Capital’s holdings stand at 36,312 Bitcoin following the recent buy by Tether. Data from BitcoinTreasuries shows Strategy holds 568,840 BTC, while MARA Holdings has 48,237 BTC in its reserves. 

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Twenty One Capital Aims To Surpass Strategy, Become ”Superior” Investment Vehicle

Twenty One Capital said in an April presentation to the SEC that it wants to overtake Michael Saylor’s Strategy as the largest corporate Bitcoin holder. The company also wants to become a “superior vehicle” for investors looking for “capital-efficient Bitcoin exposure.” 

It promises to be a “pure” BTC play for investors looking to build exposure to the crypto market leader.

The SPAC is backed by multiple conglomerates. In addition to Tether, the issuer of the largest stablecoin by market cap, the company also has the backing of Wall Street heavyweight Cantor Fitzgerald, who is sponsoring the merger and has secured $585 million in funding to support the company’s BTC acquisitions. 

Japanese investment firm Softbank has also invested $900 million into Twenty One Capital.

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