- Tether invests $459M in Bitcoin to launch Twenty One, a BTC-focused treasury firm aiming to go public and rival top corporate holders like MicroStrategy.
- Twenty One plans to manage 42,000+ BTC, offering Bitcoin-native financial services to institutional investors through a SPAC merger with Cantor Fitzgerald.
- Jack Mallers to lead the venture, bringing Bitcoin maximalist energy and Strike’s vision to a new, regulated financial institution.
Tether, the company behind the world’s largest stablecoin, USDT, has acquired $459 million worth of BTC as part of a high-stakes venture to launch a new Bitcoin-focused entity: Twenty One.
This isn’t just another crypto side project. Tether is forming Twenty One as a Bitcoin treasury company, a new financial player built to hold and manage large-scale BTC reserves, serve institutional clients, and ultimately go public. The firm is positioning itself to become one of the largest corporate Bitcoin holders globally, rivaling even MicroStrategy.
According to recent SEC filings, Tether purchased 4,812.22 BTC at an average price of $95,319.83 per coin. These assets will be transferred to Twenty One, which is being formed through a SPAC merger with Cantor Fitzgerald’s blank-check company, Cantor Equity Partners, a move that adds serious Wall Street credibility to the venture.
But this is just the start. The plan is to capitalize Twenty One with over 42,000 BTC, currently valued at roughly $4.4 billion, making it an instant heavyweight in the corporate Bitcoin treasury space.
Tether Joins Jack Mallers to Launch Bitcoin Native Bank
In a bold leadership play, Jack Mallers, the outspoken founder and CEO of Strike, will helm the new company. Mallers, known for his fiery advocacy for Bitcoin and his mission to “fix the money,” brings vision, energy, and deep crypto-native expertise to the role.
Tether’s sister company, Bitfinex, is also involved, hinting at deep integration across some of the most influential names in the crypto ecosystem.
The ambition behind Twenty One is to create a Bitcoin-native financial institution that serves the traditional investment world. The company aims to offer exposure to BTC via public markets, removing the complexity of wallets, keys, and exchanges.
Its services will extend beyond holding reserves, lending Bitcoin, and offering structured financial products, and potentially other crypto-native financial services, all fall within scope. It’s Bitcoin wrapped in a regulatory-compliant, investor-friendly package.
To finance the launch, the company plans to raise $585 million, including $385 million through convertible senior notes and another $200 million from private equity, most of which will be used to expand its BTC holdings and infrastructure.
This move comes amid renewed institutional momentum behind Bitcoin, now trading at $103,612 and approaching historic highs. The approval of spot Bitcoin ETFs in the U.S. has opened the floodgates to mainstream capital, and Twenty One wants to be the vehicle that captures it.
Tether’s aggressive pivot also speaks to a broader trend: stablecoin issuers diversifying into Bitcoin as a digital reserve asset. It’s a hedge, a growth play, and a statement all at once.
Tether Reinvents Itself as Bitcoin Power Player
Still, the initiative isn’t without controversy. Tether has long faced criticism over its opaque financial practices and its intertwined operations with Bitfinex. Going public through Twenty One will bring regulatory and auditing scrutiny unlike anything it’s faced before.
But that might be the point. Tether could be attempting to legitimize its brand further, fortify investor trust, and future-proof its relevance by becoming a Bitcoin powerhouse in the public markets.
This is more than just a $459 million buy; it’s Tether’s loudest bet yet on Bitcoin’s future and its transformation from stablecoin issuer to institutional crypto player.
Whether Twenty One becomes the go-to on-ramp for Bitcoin in traditional finance or fizzles as an overambitious experiment, one thing is undeniable: Tether is not just playing the crypto game anymore; it’s rewriting the rules.
Related | Litecoin (LTC) Price Analysis: LTC Faces Resistance Near $105 After Impressive Rally