Cantor Fitzgerald is teaming up with Tether and Japan’s SoftBank Group in a bold $3.6 billion cryptocurrency venture, betting that demand for Bitcoin will accelerate under a second Donald Trump presidency.
The venture, named Twenty One Capital, will be formed through a merger between Cantor’s SPAC vehicle, Cantor Equity Partners, and a newly established entity. Once launched, Twenty One Capital will boast over 42,000 bitcoins, making it the world’s third-largest bitcoin treasury, based on a near-$85,000 BTC price.
A Bitcoin-First Public Company
“This isn’t about beating the market—it’s about building a new one,” said Jack Mallers, co-founder and CEO of Twenty One. “A public stock, built by Bitcoiners, for Bitcoiners.”
The model draws inspiration from Michael Saylor’s Bitcoin strategy at MicroStrategy, which has turned into a $91 billion market cap giant after heavily investing in Bitcoin. Saylor’s company holds over 538,000 BTC and has become a blueprint for crypto-native corporate balance sheets.
Backing and Capital Stack
The deal brings together heavyweight backers:
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Tether will contribute $1.6 billion in Bitcoin
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Bitfinex, Tether’s affiliated exchange, adds $600 million
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SoftBank brings $900 million to the table
An additional $585 million will be raised through a mix of equity and convertible debt.
Strategic Timing and Market Context
The timing is notable. Bitcoin has gained over 40% in the past six months, but recent volatility tied to global trade tensions and macroeconomic uncertainty has seen it slip. As of now, BTC trades around $93,780.
Still, some analysts, including Matt Mena from 21Shares, argue that these global conditions reinforce the need for a “digital, next-gen store of value,” positioning Bitcoin as an alternative to gold in uncertain times. While Bitcoin has recently dipped, gold has soared to record highs amid investor risk aversion.
Deepening Cantor–Tether Relationship
Twenty One will be majority-owned by Tether and Bitfinex, with SoftBank holding a minority stake. The deal also strengthens existing ties between Cantor and Tether. Under the leadership of Howard Lutnick, Cantor manages the bulk of Tether’s dollar-backed reserves. As of last month, 99% of Tether’s U.S. Treasury holdings were custodied with Cantor, according to CEO Paolo Ardoino.
Twenty One Capital plans to list on the Nasdaq under the ticker symbol “XXI” once the merger is finalized.
