Stablecoin issuer Tether bought $458.7 million worth of Bitcoin for Twenty One Capital, a Bitcoin investment firm it backed that’s awaiting the completion of a Special Purpose Acquisition Company (SPAC) merger with Cantor Equity Partners.Tether snapped up 4,812.2 Bitcoin (BTC) at $95,319 each and transferred it to an escrow wallet on May 9, Cantor Equity Partners disclosed in a May 13 filing with the US Securities and Exchange Commission.
Strategy may have a legitimate competitorTwenty One said in an April presentation to the SEC that is looking to supplant Michael Saylor’s Strategy, formerly MicroStrategy, to become the “superior vehicle” for investors seeking “capital-efficient Bitcoin exposure.”The company is among many Bitcoin buying firms, but promises to be a “pure play” for investors seeking Bitcoin exposure with Bitcoin-native operations and more flexibility for strategic capital raises. Twenty One Capital’s comparison of its Bitcoin treasury plan to that of Strategy’s.
It brings Twenty One’s total Bitcoin holdings to 36,312 BTC, as Cantor Equity Partners holds 31,500 BTC on behalf of the firm, which will trade under the ticker XXI once the SPAC merger is complete.
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Author / Journalist: Cointelegraph by Brayden Lindrea
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