Tether has made a significant acquisition, investing $458.7 million in Bitcoin for Twenty One Capital, an investment firm awaiting its merger with Cantor Equity Partners.
Tether's Deal with Twenty One Capital
Tether purchased 4,812.2 Bitcoin at a price of $95,319 each and transferred them to an escrow wallet on May 9. Cantor Equity Partners disclosed this in a filing with the U.S. Securities and Exchange Commission on May 13.
Details on Bitcoin Assets
Following this transaction, Twenty One's total Bitcoin holdings have reached 36,312 BTC. Cantor Equity Partners holds 31,500 BTC on behalf of the firm, which will trade under the ticker XXI once the merger is complete.
Competition in the Bitcoin Investment Space
Twenty One aims to become a 'superior vehicle' compared to Strategy, previously known as MicroStrategy, providing more efficient opportunities for investors. The company will prioritize Bitcoin purchases over traditional profit metrics.
Tether's investment in Bitcoin for Twenty One Capital highlights the growing interest in corporate assets and the increasing competition among investment firms in the cryptocurrency market.
