What is Twenty One Capital?
Twenty One Capital is an investment company founded in April 2025 with a clear and simple mission – to accumulate Bitcoin. It is the first investment fund to focus entirely on Bitcoin, acting like a Bitcoin vault that offers its shareholders regulated access to these digital assets. The idea is that each share of a company, once it goes public, represents a certain amount of Bitcoin owned by it.
Behind this ambitious project is an impressive collaboration between three big players – Tether, Bitfinex and SoftBank. As sister companies within the iFinex Group, Tether and Bitfinex together own a 58.8% stake, while SoftBank holds 24%. Among the co-founders stands out Jack Mallers, CEO of Strike, who also takes on the role of CEO of the new company, describing it as a “pure Bitcoin company”.
Twenty One Capital’s early steps have already shown the seriousness of their intentions – Bitfinex withdrew 7,000 BTC (worth about $730 million) for the company’s needs, while Tether added 14,000 BTC and SoftBank invested 10,500 BTC. In addition, the company raised $685 million through convertible bonds, including an additional $100 million in May 2025.
Source: cointelegraph
Twenty One Capital's Bitcoin Strategy
At the very beginning, Twenty One Capital offers a simple but powerful investment model – shares of a public company that holds exclusively Bitcoin. This structure allows investors to expose their capital to Bitcoin without having to own the cryptocurrency directly, as the value of the shares will follow the movement of the BTC/USD exchange rate.
By June 2025, Twenty One Capital had raised 37,230 BTC, already surpassing the Bitcoin reserves of Tesla, one of the first major corporations to enter the crypto world. The company’s plan is to increase that amount to 42,000 BTC before going public, positioning it as the largest institutional Bitcoin fund today.
But the company’s ambitions go far beyond just accumulating Bitcoin. In the long term, Twenty One Capital plans to develop a Bitcoin-based financial infrastructure, including loans, equity investments, advisory services, and its own educational platform dedicated to Bitcoin knowledge and media content.
The path to the stock market is led by the SPAC, a merger with Cantor Equity Partners, filed with the US SEC in April 2025. Once approved, Twenty One Capital will trade on the Nasdaq under the ticker “XXI”, symbolically reminiscent of a total of 21 million Bitcoins.
Source: cointelegraph
Tesla's Bitcoin Story
Although Twenty One Capital has now surpassed Tesla in the amount of Bitcoin, the situation used to be reversed. Tesla held over 40,000 BTC at one point, but this reserve was gradually reduced due to constant sales.
Tesla’s first contact with Bitcoin dates back to February 2021, when the company bought about 43,200 BTC worth $1.5 billion, immediately placing it among the largest corporate buyers of Bitcoin. At the time, Bitcoin was high on Tesla’s agenda – Elon Musk even included cryptocurrency in his X profile, and the company started accepting payments in Bitcoin.
But over time, Tesla sold some of its Bitcoins. The first sale was in March 2021 to test liquidity, and in May of the same year , they stopped accepting Bitcoin payments due to environmental concerns. In June 2022, Tesla sold about 75% of its reserve, and by June 2025, only 11,509 BTC remained in their vault, which is significantly less than the reserve belonging to Twenty One Capital.
Source: cointelegraph
Who owns the most Bitcoin in 2025?
When it comes to Bitcoin’s institutional accumulation, at the top of the list is Strategy , which holds 640,031 BTC in its reserves, which is worth more than $80 billion in October 2025, even though their initial investment was around $73,983 per BTC. Strategy started buying Bitcoin back in 2020, and today their strategy is based on holding Bitcoin as the main treasury asset.
Among the public companies that hold BTC, Tesla is no longer the leading player. The largest corporate owners are:
MARA Holdings: 52,850 BTC (~$6 billion)
Twenty One Capital: 43,514 BTC
Riot Platforms: 19,239 BTC
Galaxy Digital: 12,830 BTC
CleanSpark: 13,011 BTC
Tesla: 11,509 BTC
Hut 8: 10,667 BTC
Coinbase: 9,267 BTC
Among private companies, the largest owners include:
Block.one: 164,000 BTC (~$20 billion)
Tether: 100,521 BTC
Stone Ridge: 10,000 BTC
SpaceX: 8,285 BTC
Tezos Foundation: 2,903 BTC
This list clearly shows how institutional interest in Bitcoin continues to grow, with new players like Twenty One Capital quickly entering the top 10 largest owners.
Source: cointelegraph
The Risks of Holding Bitcoin as Corporate Reserves
While Bitcoin’s growth potential lures companies like Twenty One Capital, holding large reserves of cryptocurrency is still not without risk. Matthew Sigel of VanEck warns that companies that issue new shares at the value of their reserves may risk losing some of their capital and diluting their shares, especially if the share price falls to the level of the value of Bitcoin in the vault itself.
It advises to temporarily halt new share issuances and consider buying back existing shares to protect shareholder value. The known volatility of the crypto market can quickly affect balance sheets and investor confidence. For companies like Twenty One Capital, whose value is closely tied to Bitcoin, any price drop or dilution of holdings can significantly affect the stock price and flexibility in strategy. It is wisest to combine a long-term belief in Bitcoin with good protection mechanisms, which VanEck strongly recommends.
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