Tether and SoftBank Catapult Twenty One Capital Into Bitcoin’s Institutional Vanguard
Tether and SoftBank drive $3.9B in BTC to launch Bitcoin-native firm Twenty One Capital on Nasdaq.
In a bold show of commitment to institutional Bitcoin adoption, Tether and SoftBank have jointly propelled a new player into the upper echelons of crypto finance. Twenty One Capital, a Bitcoin-native financial services firm co-founded by Tether, Bitfinex, and SoftBank, is set to debut on Nasdaq with over 42,000 BTC on its balance sheet—an asset cache valued at nearly $4 billion.
The capital infusion comprises a series of recent Bitcoin transfers, including 10,500 BTC earmarked by Tether to support SoftBank’s strategic investment in the venture. An additional 917 BTC has been allocated to support convertible equity stakeholders, with the remaining bulk transferred over several prior transactions involving Tether, Bitfinex, and affiliates.
Twenty One Capital’s treasury now places it as the third-largest corporate holder of Bitcoin worldwide, surpassed only by industry titans Strategy and MARA Holdings. The firm’s operational launch is structured through a special purpose acquisition company (SPAC) merger led by Cantor Fitzgerald, with plans to list under the ticker symbol “XXI.”
Founded in April 2025, Twenty One Capital is not just another financial startup. It aims to pioneer institutional-grade services natively on the Bitcoin blockchain—offering custody, lending, and capital markets infrastructure grounded directly in Bitcoin protocol. Unlike traditional firms that evaluate success through earnings or growth, Twenty One Capital will measure performance based on “Bitcoin per share,” emphasizing BTC accumulation over fiat returns.
Jack Mallers, the CEO of Strike and a well-known advocate of Bitcoin's core principles, is at the helm of this new initiative. His leadership reinforces the firm's identity as a venture “built by Bitcoiners, for Bitcoiners.”
As part of its pre-merger funding agreement, Tether is converting its Bitcoin holdings into equity at a fixed share price of $10. SoftBank and Bitfinex are following suit, contributing 10,500 and 7,000 BTC respectively. Cantor Fitzgerald is advising on the deal and facilitating additional capital inflows.
This move signals a notable shift in how institutional capital approaches cryptocurrency infrastructure. Rather than bolting crypto onto existing financial systems, Twenty One Capital seeks to invert the paradigm—reconstructing core financial functions within the Bitcoin ecosystem itself.
The creation of Twenty One Capital represents more than a new listing. It embodies a philosophy that values Bitcoin not just as an asset, but as the foundation of an alternative financial architecture. If successful, it could set a precedent for how institutions build and measure value in the Bitcoin era.
