decrypt.co
Bitcoin treasury Twenty One Capital has increased the amount of BTC it will hold when it begins trading after adding about 5,800 BTC from Tether, the company said on Tuesday, potentially making it the third largest corporate holder of the asset.
The firm, the product of a joint effort by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, said it will have 43,500 Bitcoin. That's about $5.1 billion at the current price of $117,516 per BTC.
"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 CEO and co-founder Jack Mallers said in a statement.
The company will join a rapidly growing list of firms that are making accumulation of the asset their primary focus. It had planned to start with a treasury of more than 42,000 BTC.
Austin, Texas-based Twenty One will hold more Bitcoin than any other corporate entity except Strategy and Bitcoin miner MARA Holdings. Bitcoin treasuries are firms that hold BTC and allow more traditional investors to gain exposure to the leading cryptocurrency via shares that trade on stock exchanges.
"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," Mallers said. "We're not here to beat the existing system, we're here to build a new one."
Twenty One is launching through a planned SPAC merger with Cantor Equity Partners, a blank check company affiliated with financial services firm Cantor Fitzgerald. It trades on the Nasdaq under the ticker CEP. Shares of CEP on Tuesday closed down 4.5%.
When Twenty One launches, the company will trade under the ticker XXI.
The firms behind the new treasury are a mix of traditional finance giants and crypto companies. Tether is the biggest issuer of stablecoins—digital tokens pegged to the value of dollars—while SoftBank is a Japanese multinational investment holding company.
Bitfinex is a crypto exchange and Cantor Fitzgerald is a Wall Street firm previously headed up by U.S. President Donald Trump ally and U.S. Secretary of Commerce, Howard Lutnick.