Bloomberg reported on Tuesday that Twenty One Capital, backed by Cantor Fitzgerald, has significantly increased its Bitcoin holdings, with reserves far exceeding the amount initially announced at launch, highlighting the accelerating race to accumulate digital assets.
The Bitcoin treasury company, established in April with the mission of accumulating digital assets, has added approximately 5,800 Bitcoins from the stablecoin issuer Tether.
According to Bloomberg's estimates, Twenty One Capital's total Bitcoin holdings have now reached at least 43,500 Bitcoins, about 1,500 more than the company's original target.
At current market prices, the Bitcoin held by Twenty One is valued at approximately $5.13 billion.
In addition to its strategic partnership with Cantor Fitzgerald, Twenty One Capital has also received funding support from cryptocurrency firms Tether and Bitfinex, as well as venture capital giant SoftBank. The company plans to merge with the special purpose acquisition company (SPAC) Cantor Equity Partners, paving the way for Twenty One Capital to enter the public market.
Cointelegraph reported on June 3 that Tether transferred 37,229.69 Bitcoins to an address associated with Twenty One Capital as part of the company's initial Bitcoin commitment.
The company is led by Strike CEO and Bitcoin advocate Jack Mallers.
Twenty One Capital is another company actively accumulating Bitcoin after Michael Saylor's Strategy, which has acquired over 607,000 Bitcoins since mid-2020.
Unlike Strategy and other companies, Twenty One Capital has not relied on debt to fund its Bitcoin purchases. Nevertheless, its holdings are rapidly approaching the scale of Bitcoin miner MARA Holdings, which has accumulated 50,000 Bitcoins.
In addition to MARA, Bitcoin miners Riot Platforms, CleanSpark, and Hut 8 are also among the largest corporate Bitcoin holders. Cointelegraph's analysis suggests that this reflects the resurgence of the "HODL strategy" in 2024, with miners choosing to retain most of their mined Bitcoins, partly due to expectations of future price increases.
Besides mining companies, several non-cryptocurrency businesses have also incorporated Bitcoin into their balance sheets, including Japanese textile manufacturer Kitabo, medical technology company Semler Scientific, and electric power sports equipment company Volcon.
Related: A big bull market needs a bigger bubble; what stage are we currently in this cycle?
Original article: “Twenty One Capital's Bitcoin (BTC) reserves are larger than initially expected”
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