On May 14, 2025, Twenty One Capital, a Bitcoin-native financial firm backed by heavyweights like Tether, SoftBank, and Bitfinex, made headlines by acquiring 4,812 BTC for $458.7 million at an average price of $95,300 per Bitcoin.
JUST IN: Jack Mallers Twenty One Capital and Tether buys 4,812 #Bitcoin for $458,700,000 🤯 pic.twitter.com/SZFMZcDBAa
— Bitcoin Magazine (@BitcoinMagazine) May 13, 2025
A Massive Bitcoin Purchase Signals Strategic Ambition
The Bitcoin BTC purchase, executed through Tether, has propelled the firm to become the third-largest public Bitcoin holder, with over 42,000 BTC in its treasury.
Source: X
Led by CEO Jack Mallers, Twenty One Capital aims to maximize Bitcoin per share, positioning itself as a pure-play Bitcoin opportunity in capital markets. This move is not just a financial flex but a strategic statement, challenging established players like Strategy (formerly MicroStrategy) in the race to accumulate Bitcoin as a core asset.
Twenty One Capital’s strategy suggests confidence in Bitcoin’s long-term value, leveraging its institutional backing to capitalize on market fluctuations. Unlike Strategy, which has faced challenges with stock issuance inefficiencies (e.g., only $10.7 million in Bitcoin purchased on March 17, 2025), Twenty One Capital’s streamlined approach through Tether’s liquidity signals a nimble yet powerful strategy. Mallers emphasized this distinction in a recent interview, noting that his firm offers a purer Bitcoin investment vehicle compared to Strategy’s broader financial maneuvers. This purchase underscores Twenty One Capital’s ambition to redefine corporate Bitcoin adoption, blending fintech innovation with traditional finance.
Source: Bitcoin Treasuries
Other Institutions Riding the Bitcoin Wave
Twenty One Capital is not alone in its Bitcoin fervor.
Strategy, under Michael Saylor’s leadership, remains the poster child for corporate Bitcoin adoption, holding 568,840 BTC, cost $39.41 billion as of May 11, 2025. Strategy’s “21/21” plan aims to raise $42 billion to further bolster its Bitcoin reserves, though recent hiccups in stock sales have slowed its pace.
Read more: Strategy Bolsters Bitcoin Holdings with $1.34 Billion Purchase
Metaplanet, dubbed “Strategy of Asia,” has also embraced Bitcoin, holding 6,796 BTC, already surpassing El Salvador’s holdings.
Read more: Metaplanet Adds 1,241 BTC, Surpasses El Salvador’s Holdings
Semler Scientific, a medical device company, has joined the fray, holding a total of 3,634 BTC worth $342 million by May 2025.
These institutions view Bitcoin as “digital gold,” a hedge against inflation and a store of value in an uncertain economic landscape. Their strategies often involve issuing bonds or stocks to fund Bitcoin purchases, as seen with Strategy’s $21 billion stock offering and MicroStrategy’s earlier $561 million bond sale.
Significantly, this trend reflects a growing acceptance of Bitcoin among public companies, with firms like MARA, Tesla, and Tether also maintaining periodic Bitcoin acquisitions. However, risks remain, as evidenced by Strategy’s $670.8 million Q4 2024 loss, driven by its heavy Bitcoin bet. Twenty One Capital’s entry intensifies this high-stakes game, potentially setting a new benchmark for corporate crypto investment.
