In a landmark move that signals accelerating institutional adoption of cryptocurrencies, Cantor Fitzgerald has partnered with SoftBank and Tether to launch Twenty One Capital — a $3.6 billion Bitcoin acquisition venture. This bold initiative aims to replicate, and potentially surpass, the Bitcoin investment strategy pioneered by MicroStrategy, positioning Twenty One Capital as a major force in the digital asset landscape.
Twenty One Capital will initially hold over 42,000 bitcoins, making it the third-largest corporate holder of Bitcoin worldwide. The venture is being formed through a special purpose acquisition company (SPAC) merger with Cantor Equity Partners, sponsored by Cantor Fitzgerald. Tether and its sister company Bitfinex are providing a majority of the funding, while SoftBank will maintain a significant minority stake.
Once finalized, Twenty One Capital plans to list publicly on the Nasdaq stock exchange under the ticker symbol “XXI.” The move reflects a broader trend of traditional financial giants seeking to integrate cryptocurrency exposure into their portfolios, while offering investors a new vehicle for accessing Bitcoin’s potential upside.
Jack Mallers, the renowned founder and CEO of Strike — a leading Bitcoin payments company — has been named CEO of Twenty One Capital. Mallers has gained prominence for his work promoting Bitcoin adoption through Strike’s use of the Lightning Network, and he emphasized that his leadership of Twenty One Capital will build on, rather than replace, his existing efforts.
“This is not a shift in my commitment; it’s an extension of it,” Mallers stated.
Mallers envisions Twenty One Capital as a “Bitcoin-native public company” with a singular mission: maximizing Bitcoin ownership per share. The firm will introduce innovative metrics such as Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR) to help investors track their exposure to Bitcoin’s performance more transparently.
The initial capitalization of Twenty One Capital is substantial. Tether is expected to contribute Bitcoin valued at approximately $1.5 billion, while SoftBank has agreed to purchase around $891 million worth of Twenty One shares from Tether. Analysts suggest that if Twenty One Capital trades at a similar premium to Bitcoin-focused firms like MicroStrategy, early investors could see significant valuation gains.
Beyond its initial Bitcoin reserves, Twenty One Capital plans to grow its holdings through innovative financial instruments, including convertible bonds and private equity placements. This strategy is designed to attract capital from investors seeking Bitcoin exposure through regulated equity markets rather than directly owning the cryptocurrency.
The timing of this venture is strategic. Bitcoin recently surged past $94,000, driven by record inflows into newly launched spot Bitcoin ETFs. Institutional investors have poured nearly $1 billion into Bitcoin ETFs alone, signaling deepening mainstream acceptance of digital assets.
Moreover, the establishment of Twenty One Capital coincides with a wave of renewed optimism for the crypto sector under the administration of President Donald Trump, whose policies are perceived as more favorable toward digital assets. In the first few months of 2025 alone, 88 crypto-related deals worth a combined $8.2 billion have been announced — nearly triple the volume seen the previous year.
Twenty One Capital is not just entering a hot market; it is helping shape the next phase of crypto’s integration into traditional finance.
As a collaboration between Cantor Fitzgerald, SoftBank, and Tether — three major players in their respective fields — Twenty One Capital is uniquely positioned to influence the future of institutional Bitcoin adoption.
The venture’s ambitious focus on Bitcoin-native financial performance metrics, combined with a clear strategy for growth and transparency, could serve as a blueprint for future crypto-public companies. Investors seeking efficient, regulated exposure to Bitcoin without the complexities of direct ownership may find Twenty One Capital an attractive proposition.
Furthermore, Twenty One Capital’s performance could have broader implications for the market. If successful, it may encourage other financial institutions to establish similar Bitcoin-centric investment vehicles, accelerating the maturation of crypto as a mainstream asset class.
As institutional confidence in Bitcoin continues to grow, the launch of Twenty One Capital represents a defining moment — not just for Cantor Fitzgerald, SoftBank, and Tether, but for the broader evolution of cryptocurrencies as legitimate, investable financial assets.