According to a securities filing on Tuesday, Jack Mallers’ newly launched investment vehicle, Twenty One Capital, has acquired 4,812 Bitcoin tokens worth $458.7 million.
Backed by Tether, Cantor Fitzgerald, and SoftBank, the SPAC-born firm signals a new phase of corporate Bitcoin accumulation
Twenty One Capital Buys 4,812 Bitcoin Worth $458.7 Million
The purchase marks the firm’s first major Bitcoin acquisition since its formation in late April. It signals the start of an aggressive BTC accumulation strategy modeled after Michael Saylor’s Strategy.
The Bitcoin allocation, labeled “Initial PIPE Bitcoin,” was initially acquired by USDT issuer Tether. The stablecoin issuer and majority shareholder of Twenty One Capital. They structured the deal as part of a private investment in public equity (PIPE) transaction using gross proceeds from convertible notes.
Following the business combination that created the publicly traded entity, Tether transferred the BTC to Twenty One Capital for $458.7 million.
The company, trading under the ticker CEP, now holds a staggering $4.05 billion in Bitcoin. This makes it the third-largest corporate holder after Strategy and Marathon Digital. During its formation, they seeded its treasury with $3.6 billion in BTC via a SPAC merger with Cantor Equity Partners.
Led by Jack Mallers, founder of the Bitcoin payments app Strike, the firm is mainly owned by Tether and Bitfinex. SoftBank holds a minority stake.
The deal reflects a growing movement among corporations to adopt a Bitcoin-native balance sheet. They use it as a hedge against fiat debasement and centralized risk.
Bitcoin pioneer Max Keiser coined this strategy as “Saylorization.” He named it after Michael Saylor, whose MicroStrategy (now Strategy) has pioneered corporate Bitcoin buys since 2020.
“Twenty One Capital isn’t just stacking sats — it’s leading a generational shift in corporate capital allocation…Jack Mallers is taking the Saylor playbook and turning it into an arms race…For corporations to survive, they must mimic the Strategy’s process, they must ‘Saylorize’ or die,” Keiser told BeInCrypto.
The Saylorization strategy is gaining traction globally. Japan’s Metaplanet recently issued $15 million in bonds to accelerate BTC acquisitions. Likewise, El Salvador is adopting the Bitcoin bonds mechanism. Notably, Metaplanet recently surpassed El Salvador with a $126.7 million BTC purchase a day before issuing the said bonds.
Keiser recently predicted that corporations adopting this strategy could help drive Bitcoin to $2.2 million per coin. The vocal Bitcoin advocate and advisor to El Salvador also noted that the rise of SPAC-driven entities like Twenty One Capital might accelerate that timeline.
Unlike traditional tech firms that hold BTC on the side, Twenty One Capital is designed to be Bitcoin-native at its core. This entails using equity and convertible debt as vehicles to acquire more BTC. The strategy reflects a broader transformation where companies are no longer “dabbling” in crypto. Instead, they are betting their business models on it.
The move also sharpens competition with entities like Metaplanet, Japan’s self-described “Asian MicroStrategy.” BeInCrypto reported that the firm recently ramped up BTC purchases through bond offerings.
Twenty One Capital’s alignment with powerhouses like Tether, Bitfinex, and Cantor Fitzgerald gives it a unique edge in liquidity, market access, and global infrastructure. This latest purchase goes beyond mimicking Strategy, 21 Capital is challenging it.
As corporate Bitcoin balance sheets gain momentum, Twenty One Capital’s aggressive entry may herald a second wave of institutional FOMO. This time, however, SPACs, sovereign-linked funds, and stablecoin giants drive the FOMO.
BeInCrypto data shows BTC was trading for $103,862 as of this writing. This represents a modest 1.37% surge in the last 24 hours.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
