Financial conglomerate SoftBank, digital currency firm Tether, and investment bank Cantor Fitzgerald collaborate to establish Twenty One Capital, a new company centered around Bitcoin.
In the dynamic world of cryptocurrency, a new player has emerged, setting its sights on challenging the established order. **Twenty One Capital**, a Bitcoin-only investment firm, made its debut in April 2025 with a clear mission: to accumulate Bitcoin and provide regulated exposure to the digital token for its stakeholders[1][2].
Backed by major industry players such as Tether, Bitfinex, SoftBank, and Cantor Fitzgerald, Twenty One Capital is poised to make a significant impact in the Bitcoin market. Notably, Tether and Bitfinex (both owned by iFinex) hold a 58.8% stake, while SoftBank holds about 24%[1].
The company's business strategy is multifaceted. It plans to use its operational cash flow exclusively to purchase Bitcoin, aiming to steadily increase its holdings over time to maximize shareholder value[2]. Beyond this, Twenty One Capital is preparing for its Initial Public Offering (IPO), expected to trade under the ticker "XSI," which would make it one of the largest publicly traded Bitcoin holders[2][4].
Twenty One Capital also aims to develop Bitcoin-native financial products such as lending platforms and capital market tools specific to Bitcoin. This approach seeks to disrupt traditional fiat-based finance by embedding Bitcoin at the core of corporate finance, offering potentially more efficient and decentralized financial systems[2].
CEO Jack Mallers emphasizes Bitcoin not just as a financial asset but as a moral and ethical code against censorship, inflation, confiscation, and counterfeiting. This philosophy partly drives the company’s mission and strategic vision[3].
At its launch, Twenty One Capital already boasted $4 billion worth of Bitcoin holdings, with additional capital raised through convertible senior secured notes and common equity Private Investment in Public Equity (PIPE) financing[1]. The company has already acquired thousands of BTC through contributions from its backers, with Bitfinex withdrawing 7,000 BTC, Tether purchasing 14,000 BTC, SoftBank investing 10,500 BTC, and the company also raising $685 million via convertible notes to fuel further BTC acquisitions[1].
Analysts are optimistic about Twenty One Capital's potential to be a serious competitor to Strategy, another purely Bitcoin-focused company, due to its significant financial backing from both traditional financial services companies and major crypto players[1]. CEO Jack Mallers stated that the company's mission is to become the most successful in Bitcoin[1].
As Twenty One Capital moves forward, it is positioning itself as a pioneering, well-capitalized Bitcoin-focused investment vehicle with institutional backing, targeted Bitcoin accumulation, and plans to innovate financial infrastructure centered on the cryptocurrency[1][2].
Michael Saylor, CEO of Strategy, acknowledged the positivity that Twenty-One's move brings to the industry. SoftBank Group Corp. holds a minority ownership in Twenty-One Capital, while Bitfinex also holds a significant minority ownership in the company[1].
[1] Source: Coindesk [2] Source: Cointelegraph [3] Source: Jack Mallers, interview with CNBC [4] Source: Fortune
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In the aftermath of its April 2025 debut, Twenty One Capital, a Bitcoin-only investment firm, has attracted attention from the crypto and finance sector through its regulated exposure to Bitcoin and collaborations with major players like Tether, Bitfinex, SoftBank, and Cantor Fitzgerald [1]. With a business strategy focusing on Bitcoin accumulation and the development of Bitcoin-native financial products, such as lending platforms and capital market tools, Twenty One Capital is likely to impact both the Bitcoin market and the broader finance landscape, aiming to challenge traditional fiat-based finance [2].
