Twenty One Capital to Expand BTC to 43,500 Before IPO

In a bold move that positions it as a major force in institutional crypto adoption, Twenty One Capital, backed by Tether and Cantor Fitzgerald, plans to increase its Bitcoin holdings to more than 43,500 BTC ahead of its public listing. 

This significant expansion, involving the acquisition of an additional 5,800 BTC, will place the firm as the third-largest corporate Bitcoin treasury, trailing only MicroStrategy and MARA Holdings. 

More than just a financial maneuver, this strategy signals a long-term institutional commitment to Bitcoin as a reserve asset.

Strategic Expansion: From 37,230 BTC to 43,500 BTC

Currently holding 37,230 BTC at a blended average acquisition cost of $87,280 per Bitcoin, Twenty One Capital is set to receive 5,800 more BTC from Tether. 

The mechanism of this transaction reflects a unique model: Tether acquires Bitcoin directly and transfers it to Twenty One Capital at the same purchase price. This method avoids price markups and provides a cost-transparent treasury-building model for the company.

This approach helps Twenty One Capital expand without issuing debt or diluting equity, a key differentiator compared to traditional companies acquiring Bitcoin. 

The firm’s commitment to responsible treasury management is evident through this method, appealing to investors seeking exposure to Bitcoin without additional corporate risks.

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Tether’s Multi-Layered Support

Tether’s involvement is not merely financial, it is strategic and philosophical. The world’s largest stablecoin issuer supports Twenty One Capital in several ways:

• Capital Infusion: Tether funds Bitcoin purchases and ensures secure transfer to Twenty One.

• Strategic Ownership: Tether and its sister company Bitfinex hold majority ownership stakes.

• Aligned Vision: Tether’s CEO Paolo Ardoino describes Twenty One as a vehicle to reshape finance with Bitcoin at the core.

This alignment between capital providers and corporate mission strengthens Twenty One’s credibility and capacity to innovate in Bitcoin-native financial services.

Adding further legitimacy, SoftBank Group, a giant in global tech investing holds a minority stake. Its involvement provides financial muscle and access to expansive financial networks, which could be leveraged to build new Bitcoin-based financial instruments in the future.

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The "Bitcoin Per Share" (BPS) Model Explained

A standout innovation is the introduction of the Bitcoin Per Share (BPS) metric. At the time of the anticipated public offering, each share is expected to represent approximately 12,559 satoshis (or 0.00012559 BTC). 

This metric replaces traditional earnings-per-share models with a direct Bitcoin valuation model, offering investors:

• A transparent measure of their proportional Bitcoin ownership.

• A hedge against fiat volatility through satoshi-denominated equity.

• A straightforward valuation model linked directly to Bitcoin’s price.

The BPS metric transforms how shareholders evaluate value. Instead of focusing on cash flow, revenue growth, or earnings, BPS allows investors to track their holdings relative to Bitcoin, treating equity shares as a proxy for Bitcoin exposure.

Comparing Twenty One Capital and MicroStrategy

The comparison between Twenty One Capital and MicroStrategy, the long-time Bitcoin advocate led by Michael Saylor, is inevitable. While both aim to expose shareholders to Bitcoin, their strategies diverge significantly:

Unlike MicroStrategy, which maintains legacy business operations, Twenty One Capital is a pure Bitcoin play. It does not face legacy balance sheet risk or conflicting operational goals. Its identity is fully tethered (pun intended) to the Bitcoin ecosystem.

Read Also: Tether Invests in Crystal Intelligence to Enhance Stablecoin Oversight

Public Listing & XXI Ticker

Twenty One Capital will go public via a business combination with Cantor Equity Partners (CEP). Upon final approval from shareholders and regulators, it will trade under the ticker XXI, marking its entry into public capital markets.

Notably, the company’s public structure is designed to uphold Bitcoin-native principles:

• No legacy debt or liabilities.

• Transparent treasury reporting through Proof of Reserves.

• Direct investor access to BTC-denominated returns.

This model offers an equity alternative to Bitcoin ETFs, which carry custodial risk and often lack full transparency. Investors seeking regulated exposure to Bitcoin, with clear proof of reserves and sat-based valuation, may see XXI as a superior option.

Read Also: Tether Fortifies Crypto Security: A Strategic Move for Safer Digital Assets

Institutional BTC Adoption Accelerates in 2025

The timing of Twenty One Capital’s expansion aligns with a broader wave of institutional acceptance for Bitcoin in 2025:

• Bitcoin ETFs have entered mainstream portfolios, driving demand for Bitcoin-aligned equities.

• Public pension funds and endowments are exploring Bitcoin allocations.

• Treasury strategies are evolving, with Bitcoin emerging as a hedge against sovereign debt risk and inflation.

Twenty One Capital is positioned to capitalize on these trends by offering an innovative corporate structure that serves as a gateway to the Bitcoin economy.

CEO Jack Mallers, known for his advocacy of the Bitcoin standard and leadership in Strike, envisions the company not as a competitor to traditional finance but as a foundation for a new Bitcoin-native financial system. 

This aspirational narrative resonates with long-term investors betting on Bitcoin’s future as a monetary base.

Read Also: Tether Reveals $8B in Gold Reserves Stored in Swiss Vault

Tether’s Broader Bitcoin Vision and Corporate Integration

Tether’s strategic vision stretches beyond stablecoins. Its partnership with Twenty One Capital advances several objectives:

• Create Bitcoin-native public companies to rival traditional financial institutions.

• Support capital markets innovation such as Bitcoin-denominated bonds, lending products, and structured assets.

• Demonstrate on-chain transparency through real-time proof of reserves.

This approach makes Twenty One a prototype for how future companies can align balance sheets, treasury strategies, and investor value with Bitcoin. Tether’s influence is not merely supportive; it is directive and foundational to the structure of the company.

With other players like Bitfinex and SoftBank involved, the firm may also become a platform for launching or financing additional Bitcoin-native ventures, setting the stage for deeper capital market integration.

Read Also: Tether Holds Over 100,000 BTC and 50 Tonnes of Physical Gold – Report

Final Thoughts

Twenty One Capital is not merely another Bitcoin-holding company. It represents a reimagined financial entity built from the ground up to function within a Bitcoin-native framework. 

With over 43,500 BTC in treasury, strategic backers like Tether, Bitfinex, and SoftBank, and a pioneering share model based on satoshis, the company redefines what it means to provide exposure to Bitcoin in the capital markets.

As it prepares to trade under the XXI ticker, investors and institutions alike will watch closely. Whether Twenty One Capital becomes a rival to MicroStrategy or charts an entirely new course, one thing is clear: it is ushering in a new era of Bitcoin-aligned public finance.

FAQ

What is Twenty One Capital?

A Bitcoin-native public company backed by Tether and Bitfinex, designed to give investors direct exposure to Bitcoin via a share structure based on Bitcoin Per Share (BPS).

How much Bitcoin will it hold?

Twenty One Capital will hold 43,500 BTC after receiving 5,800 BTC from Tether, becoming the third-largest corporate Bitcoin holder.

What is the Bitcoin Per Share (BPS) model?

It shows the exact amount of BTC backing each share, offering transparent valuation tied directly to Bitcoin estimated at 12,559 satoshis per share.

What role does Tether play?

Tether funds Bitcoin purchases, owns a majority stake, and strategically supports Twenty One’s mission to build Bitcoin-native financial architecture.

When will the IPO happen?

The listing will occur after final approvals from regulators and shareholders. The stock will trade on public markets under the ticker XXI.

How is Twenty One Capital different from MicroStrategy?

It’s fully Bitcoin-native with no traditional business operations. It uses BPS instead of EPS, offers proof of reserves on-chain, and has institutional backers like Tether and SoftBank.

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