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Tether’s $459M Bitcoin Bet Fuels Ambitious Nasdaq-Listed Crypto Venture 'Twenty One'
By: abplive business crypto|2025/05/16 14:15:04
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Tether, the powerhouse behind the largest stablecoin by market cap, has just made a bold move — dropping a staggering $459 million on bitcoin to supercharge its new company, Twenty One . The crypto giant’s massive BTC acquisition is a strategic push to seed the treasury of this upcoming financial entity, which plans to go public through a SPAC merger and list on Nasdaq under the ticker XXI . This significant buy-in — 4,812.22 bitcoins to be exact — isn’t just another portfolio play. It’s a foundational investment in a company that aims to transform how digital assets are managed on Wall Street. Backed by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, Twenty One is shaping up to be a formidable player in the institutional crypto space. Leading the charge is Jack Mallers, the outspoken CEO of Strike, who’s stepping in to head the new venture. The BTC haul, acquired at an average price of $95,319.83 each, will be moved to Twenty One post-merger with Cantor Equity Partners. Notably, Tether won’t be looking to flip the coins for profit — these bitcoins will be transferred at cost, signalling a long-term strategic play rather than a short-term speculative bet. “Tether and Bitfinex will hold a majority stake, with SoftBank retaining a minority share,” the company confirmed. The target? Building a treasury of 42,000 BTC — worth around $4.4 billion at current prices — which would instantly make Twenty One one of the biggest corporate holders of bitcoin globally. But Twenty One isn’t just about amassing BTC. The company will offer a suite of institutional services, including bitcoin lending and advanced financial products. The goal is to create a holistic ecosystem around bitcoin that appeals to big-money players looking for exposure beyond just buying and holding. To fund this next phase, the company plans to raise another $600 million — $385 million through convertible bonds and $200 million via private equity. These funds will go toward expanding operations and bolstering BTC reserves, laying the groundwork for a scalable, service-driven model that speaks Wall Street’s language. This strategic move comes at a time when bitcoin is holding strong around the $104,000 mark, just shy of its all-time high. The market has been buoyed by improving US-China trade ties, giving crypto assets renewed energy. Twenty One’s launch fits neatly into a broader trend of institutional bitcoin accumulation. Giants like MicroStrategy (which holds nearly $60 billion in BTC), Marathon Digital, and even unexpected entrants like Semler Scientific and Metaplanet have all recently joined the bitcoin-buying spree. Twenty One’s arrival further validates the narrative of Bitcoin evolving from a retail favourite to a full-fledged corporate reserve asset. By planting its flag in this growing landscape, Tether is sending a clear message: institutional crypto is not a niche experiment anymore — it's the new financial frontier. Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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