Tether, a stablecoin issuer, announced the acquisition of 4,812.2 BTC valued at $458.7 million for investment firm Twenty One Capital, which is preparing for a merger with Cantor Equity Partners.
Details of the Bitcoin Purchase
In its May 13 filing, Tether revealed that it purchased 4,812.2 BTC at an average price of $95,319 and transferred the assets into an escrow wallet on May 9. This acquisition raises Twenty One’s total holdings to 36,312 BTC.
Strategy and Goals of Twenty One Capital
Twenty One Capital aims to become the third-largest corporate holder of Bitcoin, trailing behind MicroStrategy and MARA Holdings. Jack Mallers, CEO of Twenty One, confirmed that the merger approval process is underway, though a completion date has not yet been specified.
Market Impact and Cantor Equity Partners Stock Performance
Cantor Equity Partners' stock surged from $10.65 to $59.73 on May 2 before correcting to $29.84. Following the latest Bitcoin purchase, shares climbed another 5.2% in after-hours trading.
Tether's investment of $458.7 million in Bitcoin highlights the growing interest in cryptocurrencies and their role in corporate strategies. The next steps for Twenty One Capital and their actions during the merger will be closely monitored in the market.
