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 $BTC ($458.7M) via $Tether
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.… pic.twitter.com/k8JCHzHcN5

— abraksas.eth (@abraksas_eth) May 13, 2025

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.

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