Tether has announced the acquisition of 4,812 BTC for a total of $458.7 million for a fund that plans to list through a merger with Cantor Fitzgerald, SoftBank, and Bitfinex as part of the Twenty One Capital project. This deal was executed at an average price of $95,319 per Bitcoin.
This is reported by Business • Media
According to information received from Tether, the fund’s assets have reached 36,312 BTC, including 31,500 BTC held on Cantor’s balance sheet. The first Bitcoins have already been transferred to an escrow wallet designated for the project. The fund is expected to go public under the ticker XXI after the merger is completed.
Prospects for the Twenty One Capital Fund
Twenty One CEO Jack Mallers stated that the approval process for the deal has already begun, although the exact date for the public listing has not yet been disclosed. According to BitcoinTreasuries data, Twenty One Capital will become the third largest corporate holder of BTC, following Strategy and MARA.
The authorities hope that the merger process will be approved promptly. The fund is receiving support from Tether, Bitfinex, SoftBank, and Cantor Fitzgerald, with the latter providing $585 million in funding. SoftBank is investing $900 million, and the fund’s shares will be converted at a price of $10 per unit.
Fund Strategy and Objectives
In a statement to the U.S. Securities and Exchange Commission (SEC), the project team noted that it aims to outperform Michael Saylor’s Strategy, focusing on Bitcoin accumulation rather than operational efficiency. The key metric will be the volume of BTC per share.
The fund aims to reach a level of 42,000 BTC by the start of its operations, with approximately 24,000 BTC provided by Tether, 10,500 BTC from SoftBank, and around 7,000 BTC from Bitfinex.
“Tether reported $1 billion in profit and $5.6 billion in excess reserves.”