Tether-Backed Twenty One Makes Bold 5,800 BTC Move Ahead of Exchange Listing
Tether's latest play just got heavier—literally. Twenty One, its stablecoin-adjacent project, just stacked 5,800 BTC ($350M at today’s prices) days before a major exchange debut. Talk about timing the market—or trying to.
Why This Matters
This isn’t just another crypto shopping spree. That BTC haul signals either extreme confidence or a hedge against the usual stablecoin drama. Either way, it’s a power move that’ll ripple through liquidity pools.
The Listing Play
With exchange listings still acting as price catalysts (despite everyone pretending they’re not), Twenty One’s pre-launch accumulation reeks of strategic positioning. Old-school finance would call this ‘painting the tape.’ Crypto calls it ‘being bullish.’
Bottom Line: In a world where ‘backed by reserves’ often means ‘trust us,’ throwing $350M in hard bitcoin on the balance sheet is one hell of a flex. Just don’t ask about the audit details.
Eyes on the global financial system
Amid the rising trend of Bitcoin treasury companies, the addition of over $600 million in BTC to its coffers will catapult Twenty One Capital to the third-largest among corporate holders of Bitcoin.
The standard, among corporate Bitcoin treasuries, is Michael Saylor’s Strategy.
While well off the heights Saylor’s company has reached, Twenty One bids to cement its position as it eyes Wall Street listing. The new company’s total holdings to-date have come at the average cost of $87,280.37 per token.
But what does Twenty One aim at?
According to Jack Mallers, co-founder and chief executive officer of Twenty One, the goal is to “reshape the global financial system”.
“We believe Bitcoin deserves a public company worthy of its ethos. With the partners, capital, team, and structure we’ve assembled, we feel like we can do anything, and we’re just getting started. 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,” said Mallers.
Twenty One Capital announced a business combination with Nasdaq-listed special-purpose acquisition company Cantor Equity Partners in April. The SPAC deal with the Cantor Fitzgerald affiliate saw Tether and Bitfinex become majority owners, while SoftBank Group is a minority stakeholder.
Closing of the business combination is pending customary closing conditions and approval from CEP shareholders. Upon listing, each of Twenty One’s shares will represent roughly 12,559 sats.
