Hold onto your hats, folks, because Tether—yes, the same people who think “stable” means anything but stable—just dropped $458.7 million on Bitcoin for their buddy, Twenty One Capital. A Bitcoin investment firm that’s currently in the middle of a SPAC merger with Cantor Equity Partners. Ah, the magic of finance!
On May 9, Tether made the bold move of snagging 4,812.2 BTC at a nifty price of $95,319 each, and they shoved it all into an escrow wallet. The news came from Cantor’s SEC filing on May 13. Because nothing says ‘we’re serious’ like a press release from the SEC, right?
Now, with all this digital gold, Twenty One’s Bitcoin stash is sitting pretty at 36,312 BTC. Meanwhile, Cantor is holding 31,500 BTC on behalf of the firm, which will soon go public under the ticker XXI. Don’t worry, you’ll know when that happens. It’s gonna be all over your feed, I’m sure.
But don’t hold your breath for the merger. Jack Mallers, Twenty One’s CEO, dropped a line on May 13 saying they’re in the approval process but didn’t want to make any promises. Fair enough, Jack, no pressure. We know the deal is complicated—just ask any bureaucrat.
In case you’re wondering, Twenty One is now the third-largest corporate Bitcoin holder. The current top dogs? Strategy (previously known as MicroStrategy) and MARA Holdings, flexing with 568,840 and 48,237 Bitcoin, respectively. BitcoinTreasuries.net is keeping track of all this like it’s the Olympics of crypto.
So, Tether’s not flying solo here. They’re in this with Bitfinex and, get this, Cantor Fitzgerald—yes, *that* Cantor Fitzgerald. They’re sponsoring the whole shebang and threw $585 million at it. They’re basically like the financial fairy godparents of crypto.
Oh, and let’s not forget SoftBank, that investment juggernaut, who threw in a cool $900 million. What’s that? Oh, just another day in the high-stakes world of Bitcoin investment. Jack Mallers (yes, again, *that* guy from Strike) is leading the charge. Because who wouldn’t trust a guy with that name?
Is Strategy About To Meet Its Match?
Now, here’s the kicker. Twenty One has ambitions. BIG ones. According to their April SEC presentation, they plan to outshine Michael Saylor’s Strategy (the rebranded MicroStrategy) and become the “superior vehicle” for investors craving that sweet, sweet Bitcoin exposure. I mean, who needs traditional profits when you can just buy more Bitcoin, right?
They’re promising to be a “pure play” Bitcoin firm, which means they’ll focus on Bitcoin *and only* Bitcoin. No side hustle, no distractions—just stacks of crypto. Think of it like the “minimalist” approach to a business plan. They’ll raise capital and avoid being bogged down by those pesky “profits” that everyone’s always talking about.
And just when you think it can’t get more ridiculous, their key success metric isn’t even earnings per share, but how much Bitcoin they can stuff into their virtual vault. So, forget your classic corporate growth models, this is the age of Bitcoin-per-share!
Twenty One’s goal? To hit 42,000 Bitcoin before they launch. Their funding sources? Tether’s throwing in 23,950 BTC, Softbank’s tossing in 10,500 BTC, and Bitfinex is contributing about 7,000 BTC. All of this will be magically converted into equity at $10 a share. You know, just your average Tuesday.
But hey, Cantor Equity Partners’ share price saw a wild ride recently. It went from $10.65 to $59.73 in a blink of an eye on May 2, but has since settled back to $29.84. Yet, even after all the drama, it rose another 5.2% in after-hours trading. Classic market rollercoaster—who doesn’t love a good thrill?
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2025-05-14 04:01