Tether-backed investment firm Twenty One Capital has acquired 4,812 BTC for $458.7 million, boosting its total holdings to 36,312 BTC. This makes the firm the third-largest corporate holder of Bitcoin, trailing only MicroStrategy and MARA Holdings.
Major Acquisition Tied to SPAC Merger
According to a U.S. Securities and Exchange Commission (SEC) filing dated May 13, the purchase was part of a private investment in public equity (PIPE) deal connected to Twenty One Capital’s merger with Cantor Equity Partners (CEP). The deal, valued at $458.7 million, was executed by stablecoin issuer Tether, which transferred the BTC to an escrow wallet on May 9. Later, the Bitcoin was moved to a wallet controlled by Tether, from where it will be sold to the public entity, Twenty One Capital.
This transaction coincides with Bitcoin’s price nearing a potential new all-time high (ATH), trading around $103,540 at the time of the purchase.
Twenty One Capital’s Growing Bitcoin Holdings
With this latest purchase, Twenty One Capital’s total Bitcoin holdings have reached 36,312 BTC. Of this total, 31,500 BTC is held through Cantor Equity Partners, as per the SEC filing. The firm, led by Jack Mallers, founder of the BTC payments app Strike, follows a Bitcoin-centric strategy similar to that of Michael Saylor’s MicroStrategy.
The firm has set its sights on reaching 42,000 BTC upon its public launch. Expected contributions to reach this target include 23,950 BTC from Tether, 10,500 BTC from SoftBank, and 7,000 BTC from Bitfinex. These assets will be converted into equity at a valuation of $10 per share.
Market Reaction and Trading Activity
The announcement of Twenty One Capital’s Bitcoin acquisition triggered significant volatility in the shares of Cantor Equity Partners (CEP). On May 2, the stock surged over 460%, jumping from $10.65 to $59.73 before settling back to $29.84. After the filing was made public, the stock gained another 5.2% in after-hours trading.
This volatility reflects the increasing institutional interest in Bitcoin, with Twenty One Capital now ranking as the third-largest corporate holder of BTC, behind MicroStrategy (568,840 BTC) and MARA Holdings (48,237 BTC).
Bitcoin Price Movement and ATH Potential
Bitcoin’s price surge to around $103,540 has positioned the cryptocurrency near its all-time high, fueling speculation about the possibility of a new ATH. Analysts are closely monitoring the market, with some predicting a breakout above $120,000 by the end of May.
Market analyst Michaël van de Poppe highlighted recent Consumer Price Index (CPI) data, which indicated that inflation is cooling. This, he argued, could lead the U.S. Federal Reserve to lower interest rates, potentially fueling Bitcoin’s next major rally.
Another analyst, ColinTCrypto, noted Bitcoin’s current price trajectory, which mirrors past patterns seen earlier in 2025, when BTC surged from $76,000 to $105,000 between April and May. He suggested that Bitcoin could break above $120,000, potentially setting a new ATH by the end of the month.
Looking Ahead
With Bitcoin’s price nearing historic highs and institutional interest increasing, the next few weeks could see significant market developments. Investors will be watching closely to see if Twenty One Capital’s purchase is a precursor to even greater Bitcoin price movements in the coming months.
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