Tether backed Twenty One adds 5,800 BTC ahead of planned listing

Twenty One Capital, Inc., a newly formed Bitcoin-native company, expects to add 5,800 BTC to its substantial holdings of the benchmark digital asset ahead of its public listing.

In an announcement, Twenty One said it expects an additional 5,800 Bitcoin (BTC) from stablecoin giant Tether, with this coming ahead of Twenty One’s public listing. 

The Bitcoin-focused company, which launched in April with backing from Tether and Bitfinex among other firms, will boost its BTC holdings to 43,500. The additional BTC, per details in the press release, relates to a 1,381 Bitcoin purchase by Tether and the stablecoin issuer’s pre-existing obligation to buy 4,422 BTC.

Eyes on the global financial system

Amid the rising trend of Bitcoin treasury companies, the addition of over $600 million in BTC to its coffers will catapult Twenty One Capital to the third-largest among corporate holders of Bitcoin.

The standard, among corporate Bitcoin treasuries, is Michael Saylor’s Strategy.

While well off the heights Saylor’s company has reached, Twenty One bids to cement its position as it eyes Wall Street listing. The new company’s total holdings to-date have come at the average cost of $87,280.37 per token.

But what does Twenty One aim at?

According to Jack Mallers, co-founder and chief executive officer of Twenty One, the goal is to “reshape the global financial system”.

“We believe Bitcoin deserves a public company worthy of its ethos. With the partners, capital, team, and structure we’ve assembled, we feel like we can do anything, and we’re just getting started. Twenty One is a new kind of public company: built on Bitcoin, backed with proof, and driven by a vision to reshape the global financial system. We’re not here to beat the existing system, we’re here to build a new one,” said Mallers.

Twenty One Capital announced a business combination with Nasdaq-listed special-purpose acquisition company Cantor Equity Partners in April. The SPAC deal with the Cantor Fitzgerald affiliate saw Tether and Bitfinex become majority owners, while SoftBank Group is a minority stakeholder.

Closing of the business combination is pending customary closing conditions and approval from CEP shareholders. Upon listing, each of Twenty One’s shares will represent roughly 12,559 sats.