Boutique firm Cantor Fitzgerald has teamed up with Japanese investment firm SoftBank and stablecoin issuer Tether to form Twenty One Capital, a $3.6 billion bitcoin investment venture. The new crypto venture, announced on Wednesday, has blank‑check vehicle Cantor Equity Partners merging with it.
Twenty One Capital will offer investors access to an investment vehicle for exposure into the world’s largest cryptocurrency. The crypto venture expects to launch with more than 42,000 bitcoins, making it the largest bitcoin treasury in the world. “We’re not here to beat the market, we’re here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners,” said Twenty One Capital Co-Founder and CEO Jack Mallers.
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SoftBank group would have the minority ownership of Twenty One, while the majority ownership will lie with stablecoin issuer Tether and cryptocurrency exchange Bitfinex. “Bitcoin is one of the only truly decentralized, immutable, and censorship-resistant asset, and its role as the foundation of a new financial system is inevitable,” said Tether CEO Paolo Ardoino.
The venture deepens ties between the Wall Street brokerage — chaired by Brandon Lutnick, son of the former Cantor boss and current U.S. commerce secretary — and Tether, the company behind the world’s largest stablecoin. This business might also attempt to replicate the success of Michael Saylor’s bitcoin acquirer Strategy, whose market value surged in late 2024 as crypto prices jumped following Donald Trump’s presidential election victory. President Trump has promised to support the crypto industry by easing regulations for digital assets. Strategy, the biggest corporate holder of bitcoin, held 538,200 units of the world’s biggest cryptocurrency as of April 20, and has a market cap of around $91 billion.
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Tether will contribute $1.6 billion worth of bitcoin to the venture, while Bitfinex, a crypto exchange linked to Tether, and SoftBank will put up $600 million and $900 million, respectively, according to an investor presentation.
The company plans to raise $585 million additional capital from investors through a combination of convertible bonds and equity financing. The proceeds will be used to purchase bitcoin and other purposes.