Twenty One Capital’s Bitcoin stash is bigger than initially expected

Cantor Fitzgerald-backed Twenty One Capital has importantly accrued its Bitcoin (BTC) holdings, expanding its treasury beyond the magnitude announced astatine launch, highlighting the accelerating contention to accumulate the integer asset. 

The Bitcoin treasury firm, which launched successful April with a ngo to amass the integer asset, has added astir 5,800 BTC from stablecoin issuer Tether, Bloomberg reported connected Tuesday.

By Bloomberg’s estimation, Twenty One Capital’s full Bitcoin holdings person present reached astatine slightest 43,500 BTC, astir 1,500 BTC much than the institution had initially projected.

At existent prices, Twenty One’s Bitcoin holdings are worthy astir $5.13 billion. 

In summation to its ties to Cantor Fitzgerald, Twenty One Capital is backed by crypto firms Tether and Bitfinex, on with task superior elephantine SoftBank. Its planned merger with peculiar intent acquisition institution (SPAC) Cantor Equity Partners volition pave the mode for Twenty One Capital to spell public.

As Cointelegraph reported connected June 3, Tether transferred 37,229.69 BTC to addresses associated with Twenty One Capital arsenic portion of the company’s archetypal Bitcoin commitment. 

The steadfast is led by Strike CEO and Bitcoin advocator Jack Mallers. 

Source: Jack Mallers

Related: Strategy expands preferred banal offering to $2B amid Bitcoin-fueled rally — Report

The emergence of Bitcoin treasury companies

Twenty One Capital is 1 of respective firms accumulating Bitcoin successful the aftermath of Michael Saylor’s Strategy, which has acquired implicit 607,000 BTC since mid-2020.

Unlike Strategy and different companies, however, Twenty One Capital has not relied connected indebtedness to concern its Bitcoin purchases. Even so, its holdings are rapidly approaching those of Bitcoin miner MARA Holdings, which has amassed 50,000 BTC.

The apical 100 nationalist Bitcoin treasury companies, including yet-to-be updated Twenty One Capital (XXI). Source: BitcoinTreasuries.NET

Alongside MARA, Bitcoin miners Riot Platforms, CleanSpark and Hut 8 fertile among the largest firm BTC holders. As Cointelegraph reported, this reflects a increasing “hodl strategy” that resurfaced successful 2024, with miners opting to clasp onto a important stock of their mined Bitcoin, partially successful anticipation of aboriginal terms gains.

Beyond mining firms, respective non-crypto companies person besides added Bitcoin to their equilibrium sheets, including Japanese textile shaper Kitabo, aesculapian exertion steadfast Semler Scientific and electrical powersports institution Volcon.

Magazine: Crypto traders ‘fool themselves’ with terms predictions: Peter Brandt