Twenty One Capital, the bitcoin (BTC) treasury firm backed by Tether and Softbank, plans to add 5,800 BTC to its reserves ahead of a public listing through its merger with Cantor Equity Partners, the firm announced Tuesday.
The contribution, led by Tether as part of an existing arrangement, would bring Twenty One’s total holdings to over 43,500 BTC, valued at more than $5 billion at current prices, positioning it as the third-largest corporate Bitcoin treasury behind MicroStrategy and Tesla.
Twenty One CEO Jack Mallers, who also heads the bitcoin-focused payments app Strike, linked the accumulation strategy to Bitcoin’s fixed supply, referring to it as “the scarcest thing” during a recent interview. He noted that price increases could accelerate as institutional and sovereign buyers compete for the limited supply.
“If you want more bitcoin, you don’t go to the bitcoin factory. You have to go up in price,” he explained. “Is there enough bitcoin for me at 120,000? No, okay. 130k, 140k, 150k?”
Mallers suggested that increasing demand from ETFs and possibly nation-states could drive rapid price discovery. “Bitcoin is inelastic to demand,” he stated, adding that market participants will “find the supply they’re looking for, they’re just going to have to get it at a higher price.”
The company will also introduce a “Bitcoin Per Share” metric to allow investors to track holdings directly rather than through earnings.
Tether and Bitfinex will remain majority owners of Twenty One after the listing, with SoftBank holding a minority stake. Shares are expected to trade under the ticker “XXI” upon deal completion, pending regulatory and shareholder approvals.
The firm states that all holdings will be auditable in real time via on-chain proof of reserves.
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