Stablecoin Giant Tether Acquires 4,812.2 Bitcoin on Behalf of 21 Capital

Key Takeaways: 

• 21 Capital’s Bitcoin purchases now place it as the third-largest corporate holder.
• Strategy and MARA maintain commanding positions, together holding 617,077 BTC.
• Despite growing interest, Bitcoin still represents just 0.2% of total global wealth.

Tether, the stablecoin issuer, purchased 4,812.2 Bitcoin (worth $459 million) for 21 Capital, a Bitcoin investment firm it co-owns with Bitfinex and other partners. This acquisition pushes 21 Capital’s total Bitcoin holdings to 36,312, with 31,500 Bitcoin already held in custody by Cantor Equity Partners.

According to a May 13 SEC filing (Form 8-K), each Bitcoin was acquired at an average price of $95,319. 

The assets are now held in a Tether-controlled escrow wallet and will remain there until 21 Capital completes its SPAC merger with Cantor Equity Partners. Once finalized, the Bitcoin will be transferred to 21 Capital.

SPAC Merger Offers Faster Route Than Traditional IPO

Jack Mallers, who leads Twenty One Capital and founded Strike, confirmed regulators are reviewing the SPAC merger but haven't announced a completion date.

Don't miss this brand new conversation with @jackmallers on Strike's new lending product (and Jack's commitment to no rehypothecation), the full scoop on Twenty One Capital, Bitcoin corporate treasuries following $MSTR, and the emerging world monetary order reset.

Let us know… pic.twitter.com/cVAI7F5amM

— Natalie Brunell ⚡️ (@natbrunell) May 13, 2025

Twenty One Capital was formed in April 2025 to merge with Cantor Equity Partners, a SPAC created by Cantor Fitzgerald. This structure enables the Bitcoin firm to go public without an IPO.

Upon approval, the combined entity will trade on Nasdaq under “XXI,” giving traditional investors stock-market access to Bitcoin exposure. This bridges crypto and mainstream finance.

JUST IN: 🇺🇸 Jack Mallers launches Twenty One, a new public company whose sole purpose is to accumulate as much #Bitcoin as possible.

The company is backed by Tether, Softbank, and Cantor Fitzgerald.

It launches with over 42,000 #bitcoin ($4 billion) already on its balance… pic.twitter.com/Z6fgkdFdjn

— Altcoin Daily (@AltcoinDailyio) April 23, 2025

The pending merger triggers Tether's release of 4,812.2 Bitcoin from escrow to Twenty One Capital's reserves. The company will then hold 36,312 total Bitcoins.

21 Capital has a clear mission of aggressively accumulating Bitcoin and using it as a foundation to build new financial products centered around the asset. 

To fund this ambitious strategy, the company raised $585 million through private investment in public equity (PIPE financing), including $385 million in convertible senior secured notes and $200 million in common equity.

Global Bitcoin Adoption Still 96% Away from Full Reach

With its latest acquisition, 21 Capital now ranks among the top three public companies holding Bitcoin. Yet it remains behind two industry giants.

Last month, Bitcoin-focused firm Strategy, owned by Michael Saylor, acquired 6,556 BTC, worth around $555.8 million.

Then, on May 12, Strategy added another 13,390 Bitcoin to its holdings. In total, the company now holds 568,840 BTC, making it the largest corporate holder of Bitcoin in the world.

Bitcoin mining company MARA Holdings ranks second with 48,237 BTC. 

Following its recent acquisition, 21 Capital comes in third with 31,500 BTC held on its behalf by Cantor Equity Partners.

Saylor remains Bitcoin's most vocal corporate champion. His recent pitch to Microsoft highlighted Bitcoin's staggering 62% annualized returns over five years, more than triple Microsoft's own 18% performance during the same period.

While corporate treasuries stack satoshis, mainstream uptake lags. Just 4% of the world population owns Bitcoin.

The numbers reveal a stark divide. Wealthier nations drive adoption, with the United States leading at 14% ownership. Emerging markets show promise but remain largely untapped. River Financial's data paints this uneven picture.

Such disparity persists despite growing institutional interest. Companies amass billions in Bitcoin, yet everyday adoption crawls. The gap between corporate and consumer adoption continues to widen.

Bitcoin’s adoption is shifting dramatically.

It’s already the fastest-spreading form of money in history.

But now it’s entering a new phase. Our latest research shows why 👇 pic.twitter.com/ETCeexE2GN

— River (@River) February 25, 2025

Today, the digital asset represents just 0.2% of global wealth. In terms of its total potential, Bitcoin has only achieved 3% penetration. These numbers reveal how much growth lies ahead.