Key Takeaways
- Twenty One Capital acquired 4,812 BTC for $458.7 million.
- The firm is now the third-largest corporate Bitcoin holder with $4.05 billion in BTC.
- The acquisition was structured through a PIPE deal backed by Tether and SoftBank.
Twenty One Capital has made its first major move by acquiring 4,812 Bitcoin worth $458.7 million, according to a securities filing.
The newly launched firm, led by Jack Mallers and backed by Tether, SoftBank, and Bitfinex, now holds over $4 billion in Bitcoin—ranking it third among all corporate holders behind Strategy (formerly MicroStrategy) and Marathon Digital.
Structure of the purchase
The purchase was structured through a private investment in public equity (PIPE) deal.
Initially acquired by Tether using proceeds from convertible notes, the Bitcoin was transferred to Twenty One Capital following its SPAC merger with Cantor Equity Partners.
The firm now trades under the ticker CEP.
Strategic alignment with “Saylorization”
This aggressive accumulation aligns with the “Saylorization” strategy, named after Michael Saylor, whose company pioneered large-scale corporate Bitcoin holdings beginning in 2020.
Max Keiser, who coined the term, said:
Jack Mallers is taking the Saylor playbook and turning it into an arms race.
Bitcoin-native structure
Unlike traditional firms that add Bitcoin to their treasury alongside fiat, Twenty One Capital is structured from the ground up to be Bitcoin-native.
The company uses equity and debt instruments specifically to acquire and hold Bitcoin, rejecting a mixed-balance sheet approach.
Current Bitcoin market status
As of this writing, Bitcoin is trading at $103,862, up 1.37% in the last 24 hours, according to BeInCrypto.
