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Bitcoin treasury Twenty One Capital has increased the amount of $BTC it will hold when it begins trading after adding about 5,800 $BTC from Tether, the company said on Tuesday, potentially making it the third largest corporate holder of the asset.
The firm, the product of a joint effort by Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, said it will have 43,500 Bitcoin. That's about $5.1 billion at the current price of $117,516 per $BTC.
"With the partners, capital, team, and structure we've assembled, we feel like we can do anything, and we're just getting started," Twenty One CEO and co-founder Jack Mallers said in a statement.
The company will join a rapidly growing list of firms that are making accumulation of the asset their primary focus. It had planned to start with a treasury of more than 42,000 $BTC.
Austin, Texas-based Twenty One will hold more Bitcoin than any other corporate entity except Strategy and Bitcoin miner MARA Holdings. Bitcoin treasuries are firms that hold $BTC and allow more traditional investors to gain exposure to the leading cryptocurrency via shares that trade on stock exchanges.
"Twenty One is a new kind of public company: built on Bitcoin, backed with proof, and driven by a vision to reshape the global financial system," Mallers said. "We're not here to beat the existing system, we're here to build a new one."
Twenty One is launching through a planned SPAC merger with Cantor Equity Partners, a blank check company affiliated with financial services firm Cantor Fitzgerald. It trades on the Nasdaq under the ticker CEP. Shares of CEP on Tuesday closed down 4.5%.
When Twenty One launches, the company will trade under the ticker XXI.
The firms behind the new treasury are a mix of traditional finance giants and crypto companies. Tether is the biggest issuer of stablecoins—digital tokens pegged to the value of dollars—while SoftBank is a Japanese multinational investment holding company.
Bitfinex is a crypto exchange and Cantor Fitzgerald is a Wall Street firm previously headed up by U.S. President Donald Trump ally and U.S. Secretary of Commerce, Howard Lutnick.