On May 9, 2025, Tether, the issuer of USDT stablecoin, made a large bitcoin purchase. They bought 4812.2 BTC at $95,319 per coin, almost $458.7 million. This acquisition was for Twenty One Capital, a Bitcoin investment firm planning to go public by combining with Cantor Equity Partners (CEP). Consequently, the deal announced in a May 13 SEC filing is a thought-out move to increase the firm’s BTC stocks and promote a long-term strategic goal.
Strategic vision and stakeholder support
Twenty One Capital, a Bitcoin-specialised investment company, aims to compete with MicroStrategy by providing efficient exposure to Bitcoin. Twenty One Capital operates on a “pure play” model, unlike other firms that combine BTC holdings and other non-affiliated businesses. This strategy refers to accumulating Bitcoins rather than profits, traditionally evaluating such metrics, as Bitcoin per share (BPS) and Bitcoin Return Rate (BRR), instead of EPS.
Major financial players support the firm’s strategy. As a leading stakeholder, Tether has already invested 23,950 BTC. Bitfinex has made another 7,000 BTC injection, and Japanese conglomerate SoftBank has made a $900 million investment. Such partnerships establish a good platform for growth and take the firm a notch higher in the crypto investment scene.
Market impact and outlook
Announcements of the acquisition and upcoming SPAC merger led to much market activity. On May 2, CEP’s share price increased from $10.7 to $59.7 before settling at $29.8, thus showing investor interest. With a treasury goal of 42,000 BTC, Twenty One Capital is attacking at the expense of being a major player in the corporate BTC investment landscape.
As the firm is about to go public, its Bitcoin-centric strategy and institutional support indicate a bright future. Tether’s high-profile Bitcoin acquisition improves Twenty-One Capital’s reserves. Additionally, it signals how institutional Bitcoin exposure can be designed and scaled in the future.
