Twenty One Capital Secures $685M to Expand Bitcoin Treasury

Sydney, 31 May 2025 – Twenty One Capital, a Bitcoin-focused treasury firm led by Strike CEO Jack Mallers and backed by Tether and SoftBank, has successfully raised an additional US$100 million through the sale of convertible senior secured notes. This brings the company's total funding to US$685 million, as it aims to solidify its position as a leading corporate holder of Bitcoin.

The recent funding round, disclosed in a filing with the U.S. Securities and Exchange Commission, follows a previous raise of US$585 million, which included US$385 million from convertible notes and a US$200 million private investment in public equity (PIPE). The new notes carry a 1% coupon and are due in 2030.

Twenty One Capital plans to use the funds to increase its Bitcoin holdings, adding to the 4,812 BTC (approximately US$458 million) acquired earlier this month. The firm is also set to receive a significant Bitcoin contribution through its merger with Cantor Equity Partners, bringing its total Bitcoin reserves to over 42,000 BTC, valued at approximately US$3.6 billion.

The company employs a transparent approach by measuring its Bitcoin exposure through metrics like Bitcoin per share, similar to strategies used by firms like MicroStrategy. This method provides investors with a clear understanding of the company's Bitcoin holdings relative to its share structure.

Twenty One Capital's aggressive accumulation strategy and innovative funding structures underscore its commitment to becoming a major player in the Bitcoin ecosystem. The firm's leadership, including Jack Mallers, is focused on leveraging both equity and debt instruments to maximize Bitcoin acquisition and provide investors with direct exposure to the cryptocurrency.

As Bitcoin continues to gain traction among institutional investors, Twenty One Capital's significant fundraising and strategic acquisitions position it as a noteworthy entity in the evolving landscape of corporate Bitcoin treasuries.

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