Twenty One Capital Secures 5,800 Bitcoin Windfall from Tether Ahead of Blockbuster IPO

Tether just made Twenty One Capital's IPO a whole lot shinier—with a 5,800 BTC injection that’ll have Wall Street scrambling to recalculate their spreadsheets. Here’s why it matters.

The Bitcoin Backstop

Forget seed rounds—this is a full-blown Bitcoin avalanche. At current prices, that’s enough to make even the most jaded VC choke on their artisanal cold brew.

Pre-IPO Power Play

Timing is everything. With public listing paperwork likely already dusted off, this move reeks of strategic positioning—or maybe just old-fashioned financial theater. Either way, the market’s watching.

Cynic’s Corner

Because nothing says ‘stable’ like converting USDT reserves into volatile crypto right before going public. Classy.

• Twenty One to hold 43,500 BTC post-listing, becoming the third-largest corporate BTC treasury.
• Each share to represent 12,559 sats under new Bitcoin Per Share (BPS) performance metric.
• Tether’s 5,800 BTC contribution raises institutional backing to $680 million since April.

Twenty One Capital, Inc. is set to become one of the largest corporate holders of Bitcoin following a scheduled transfer of 5,800 BTC from Tether. The contribution is expected before the company’s planned public listing, which follows a previously announced business combination with Cantor Equity Partners, Inc. (CEP), a Nasdaq-listed special purpose acquisition company.

The additional bitcoin will increase Twenty One’s total holdings to over 43,500 BTC at the time of listing. These holdings will place Twenty One as the third-largest corporate Bitcoin treasury globally. The company reports that its total Bitcoin holdings have been acquired at an average price of $87,280.37 per BTC.

Bitcoin Per Share Metric Introduced Ahead of Listing

According to the report, Twenty One is expected to introduce a new metric titled Bitcoin Per Share (BPS) upon completion of the listing. This model will reflect the number of satoshis, the smallest unit of Bitcoin, that each fully diluted share represents.

At closing, each share is expected to represent around 12,559 satoshis. The company indicated that the BPS metric is intended to provide a Bitcoin-denominated measurement of shareholder exposure, differing from traditional earnings-per-share models.

As part of its long-term treasury policy, Twenty One will continue to hold all its Bitcoin on its balance sheet. The company reported that it intends to control all holdings transparently with real-time Proof of Reserves made publicly accessible through the mempool.space platform.

The 5,800 BTC to be transferred includes 1,381 Bitcoin purchased under subscription agreements signed on June 19, 2025. It also includes 4,422 Bitcoin tied to Tether’s earlier liabilities outlined in the business combination agreement with CEP. Based on current valuations, combined contributions from Tether and other institutional participants since April are estimated to total $680 million.

Transaction Supported by Tether and Institutional Partners

Tether and Bitfinex will hold majority ownership of Twenty One upon the deal’s completion. SoftBank Group has also been confirmed as a minority stakeholder. Additional shares will be distributed among PIPE investors, Cantor Fitzgerald, CEP’s sponsor, and the public shareholders of CEP.

Following this report, a private draft registration statement on FORM S-4 has been filed with the U.S. Securities and Exchange Commission (SEC). As per the file, Twenty One intends to trade under the ticker symbol “XXI” once the business combination closes. However, the listing remains subject to final regulatory approvals and shareholder consent.