Twenty One Capital Leaps to #3 Bitcoin Whale Status After Snagging 5,800 BTC from Tether

Move over, institutional investors—there's a new crypto heavyweight in town. Twenty One Capital just pulled off a power play that reshuffled Bitcoin's top holders list overnight.

The 5,800 BTC injection from stablecoin giant Tether propelled the firm into third place among Bitcoin's largest accumulators. That's enough digital gold to make even Michael Saylor raise an eyebrow.

While traditional finance scrambles to understand this move, crypto natives recognize the playbook: when fiat-backed giants start funneling capital into pure Bitcoin positions, the smart money pays attention. Just don't ask about the tax implications.

One thing's certain—in the high-stakes poker game of Bitcoin accumulation, Twenty One Capital just went all-in. Wall Street's compliance departments are probably drafting memos as we speak.

Bitcoin per share

Twenty One Capital plans to publish a metric called bitcoin Per Share (BPS) to offer investors more transparency. This figure will represent the amount of Bitcoin backing each fully diluted company share.

Unlike traditional firms’ earnings-per-share models, BPS will allow shareholders to track performance directly in Bitcoin terms.

The firm stated that each share of the new company is expected to represent approximately 12,559 satoshis.

Meanwhile, the firm also emphasized that it carries no legacy liabilities, aiming to deliver pure exposure to Bitcoin without the risks of unrelated business operations.

Jack Mallers, the CEO and co-founder of Twenty One Capital, said:

“Twenty One is a new kind of public company: built on Bitcoin, backed with proof, and driven by a vision to reshape the global financial system. We’re not here to beat the existing system, we’re here to build a new one.”

Bitcoin treasury

Twenty One Capital’s MOVE follows a growing trend of Bitcoin treasury strategies, first popularized by Strategy (formerly MicroStrategy).

According to Bitcoin Treasuries data, over 100 publicly traded companies now hold nearly 1 million Bitcoin on their balance sheets.

Meanwhile, critics have raised concerns about the potential risks of these firms’ aggressive accumulation.

However, market analysts like Joe Consorti, head of growth at Theya Bitcoin, have resisted these concerns.

According to him:

“Bitcoin treasury companies aren’t a systemic risk. They’re deploying conservative, intelligent leverage, and are years away from true scale. The real risk is being underexposed while institutions remove supply at an accelerating pace.”