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Stablecoin giant Tether has made a major move in the crypto market by purchasing $458.7 million worth of Bitcoin for investment firm Twenty One Capital. The deal involved acquiring 4,812.2 BTC at $95,319 per coin which was then transferred to an escrow wallet on May 9 according to a May 13 SEC filing.
This brings Twenty One’s Bitcoin holdings to 36,312 BTC making it the third-largest corporate holder of Bitcoin. The firm is backed by both Tether and Bitfinex and is preparing to go public through a SPAC merger with Cantor Equity Partners. The company will trade under the ticker XXI once the deal is approved. SoftBank has also backed the firm with a $900 million investment.
Twenty One’s CEO Jack Mallers stated that the firm aims to surpass MicroStrategy as the top Bitcoin-focused investment vehicle. The firm plans to reach 42,000 BTC at launch and focus on Bitcoin per share as its core performance metric instead of earnings.
