Tether-Backed Twenty One Capital Raises $685M To Expand Bitcoin Treasury

Twenty One Capital, a Bitcoin treasury firm led by Strike CEO Jack Mallers and backed by Tether, SoftBank, and Bitfinex, has raised an additional $100 million through convertible notes, bringing its total capital raised to $685 million. The funds are earmarked to expand its Bitcoin holdings, which already include over $4 billion worth of Bitcoin accumulated via purchases and a recent merger with Nasdaq-listed Cantor Equity Partners. The company employs a leveraged Bitcoin equity trade strategy similar to MicroStrategy and aims to become one of the largest public Bitcoin holders, currently ranking third behind MicroStrategy and MARA Holdings. The new convertible notes carry a 1% annual interest rate and mature in 2030, providing flexible financing to accelerate Bitcoin accumulation. The firm’s aggressive acquisition strategy, supported by major institutional investors, reflects growing corporate interest in direct Bitcoin exposure through publicly traded equity structures. Twenty One Capital’s approach highlights the expanding trend of public companies positioning Bitcoin as a core treasury asset.