Tether Drops $459M on Bitcoin to Launch New Treasury Firm
Tether, the company best known for running the USDT stablecoin, just made a big bet on Bitcoin, again. This time, they’ve picked up $459 million worth of BTC to kickstart a new venture called “Twenty One,” a Bitcoin treasury company with plans to go public. It’s the latest power play in a year full of them, as Tether buys Bitcoin to fuel its institutional pivot.
And no, this isn’t some backroom experiment. The move involves big names like Bitfinex and even a tie-in with Cantor Fitzgerald. Oh, and they’re bringing Jack Mallers onboard as CEO. Yes, that Jack Mallers, the guy behind Strike.
So, What Did Tether Actually Buy?
According to a recent SEC filing, Tether bought 4,812.22 Bitcoin at an average price of $95,319.83 per coin. Once everything goes through, those coins will be transferred over to Twenty One, the new company that’s being formed through a merger with Cantor’s blank-check outfit, Cantor Equity Partners.
Twenty One just acquired 4,812 ($458.7M) via Average price: $95.3K. CT won’t care. But you probably should. This isn’t just “someone bought the dip.” This is the public emergence of Twenty One — the first corporation not holding Bitcoin, but built entirely around it.…
— abraksas.eth (@abraksas_eth)
That’s just the beginning. The plan is to launch Twenty One with more than 42,000 Bitcoin on the books, worth around $4.4 billion at today’s prices. That would instantly make it one of the largest corporate BTC treasuries on the planet, right up there with names like MicroStrategy.
What’s the Game Plan?
Twenty One wants to give traditional investors exposure to Bitcoin through the stock market, without all the friction of setting up wallets or managing private keys. Think of it as a BTC-forward financial company that does everything from holding reserves to lending out Bitcoin and offering crypto-native financial services, just wrapped in a public-market structure.
JUST IN: Tether bought 4,812 BTC for $458.7m (avg $95,319.83) in preparation of launching the Twenty One bitcoin treasury.
— NLNico (@btcNLNico)
The company is aiming to raise around $585 million in the process. That includes $385 million from convertible senior notes and another $200 million from private equity sources. Most of that will be used to buy even more Bitcoin and help get the new business off the ground.
DISCOVER:
Tether Buys Bitcoin Again, Why Now?
Timing-wise, this move comes as Bitcoin is back in the spotlight, trading above $104,000 and inching toward new all-time highs. More institutions have been warming up to BTC this year, especially after spot Bitcoin ETFs were approved in the U.S.
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DISCOVER:
Tether’s involvement shows that stablecoin issuers are looking to diversify their assets, and possibly cash in on Bitcoin’s growing role as a digital reserve asset.
What’s the Catch?
Well, critics have always raised eyebrows at Tether’s transparency and its ties to Bitfinex. And while this latest play is splashy, it also ramps up the pressure to keep everything squeaky clean from a regulatory and financial reporting perspective. Going public with a Bitcoin treasury company will definitely invite more scrutiny.
Conclusion
Tether’s $459 million Bitcoin buy isn’t just a headline, it’s the start of something bigger. With Twenty One, they’re betting that traditional investors want a way to tap into Bitcoin without touching an exchange or a hardware wallet.
Whether this becomes the next big institutional on-ramp or just another bold crypto experiment, one thing’s clear: Tether is doubling down on Bitcoin, and they’re not doing it quietly.
DISCOVER:
Key Takeaways
Tether has purchased $459 million worth of Bitcoin to fund the launch of Twenty One, a new BTC treasury company aiming to go public.
The company acquired 4,812 BTC at an average price of $95,319 and plans to transfer over 42,000 BTC, valued
around $4.4 billion, to its new venture.
Twenty One will offer traditional investors public-market exposure to Bitcoin while providing crypto-native services like BTC lending and reserves management.
The venture is being formed via a merger with Cantor Fitzgerald’s SPAC and includes Strike CEO Jack Mallers as its new chief executive.
While the move signals Tether’s deeper commitment to Bitcoin, it also raises transparency and regulatory questions, given the scale and public listing ambitions.
JUST IN: Tether bought 4,812 BTC for $458.7m (avg $95,319.83) in preparation of launching the Twenty One bitcoin treasury. 