- Cantor Fitzgerald, SoftBank, Tether, and Bitfinex are launching Twenty One Capital, a US$3B crypto acquisition firm holding over 42,000 BTC, making it the third-largest corporate Bitcoin treasury.
- The venture mimics MicroStrategy’s playbook, with Tether contributing US$1.6B in BTC.
- Jack Mallers, CEO, says the new Venture aims to build a Bitcoin-native public company.
Cantor Fitzgerald’s newly appointed chair, Brandon Lutnick, who is US secretary of commerce Howard Lutnick’s son, is reportedly working with SoftBank, Tether, and Bitfinex to launch a massive US$3B (AU$4.71B) crypto acquisition company.
According to a report from the Financial Times, the deal merges Cantor Equity Partners into a new entity called Twenty One Capital, which will hold over 42,000 BTC at launch, valuing the business at US$3.6B (AU$5.65B) based on a Bitcoin (BTC) price of nearly US$85K (AU$134K). That makes it the world’s third-largest corporate Bitcoin treasury, according to the company.
Jack Mallers is the appointed CEO of Twenty One Capital. He stated:
We’re not here to beat the market, we’re here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners.
Jack Mallers, CEO of Twenty One CapitalFollowing Strategy’s Playbook
In case you’re wondering what big money looks like: Tether is contributing a generous US$1.6B (AU$2.51) in Bitcoin to the venture, with SoftBank adding US$900M (AU$1.4B) and Bitfinex committing US$600M (AU$942M).
As if it weren’t enough, the group is also raising another US$585M (AU$913.8M) through convertible bonds and equity financing. If it sounds like the structure mimics Michael Saylor’s Strategy, then yes, that’s exactly what they’re doing.
Cantor has longstanding ties with the stablecoin giant. It’s actually the firm responsible for Tether’s US$134B (AU$310B) Treasury portfolio management, dating back to 2021. The firm also holds a 5% equity stake in Tether.
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This comes at the heels of a burgeoning crypto market, which recently regained the US$3T (AU$4.7T) level. Meanwhile, Bitcoin is currently trading around US$93.5K (AU$147K), up 10% in the last week, despite a sharp dip earlier this month as markets reacted to Trump’s global trade war threats.
But things are going to be nice, at least that’s what Trump says about tariffs on Chinese goods, which caused a surge in the market.
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