Twenty One Capital, backed by Tether, has raised an additional $100 million through the sale of convertible notes to expand its Bitcoin holdings. This brings the total capital raised to $685 million, with previous investments from Tether, SoftBank, and Bitfinex totaling $3.6 billion. The company currently holds 31,500 BTC, making it the third-largest public Bitcoin holder, aiming to surpass MARA Holdings. Twenty One Capital is employing a leveraged Bitcoin equity trade strategy similar to Michael Saylor's Strategy, using various financing methods to increase its BTC assets. The new convertible notes offer 1% annual interest until 2030. Unlike Strategy, Twenty One Capital plans to maintain transparency by publishing wallet addresses of its Bitcoin holdings. The growing institutional interest in Bitcoin is evident, with public companies holding over 800,000 BTC and new entrants like Strive Asset Management and GameStop challenging early adopters.

HIGHLIGHTS Twenty One Capital is received a capital injection of $100 million to buy Bitcoin. The raise comes from the sale of convertible notes, bringing the total figure to $685 million. Institutional interest in Bitcoin is heating up to a boil with new players threatening the dominance of pioneers. Twenty One Capital is expanding its Bitcoin holdings through a $100 million capital injection from the sale of convertible notes. Armed with additional cash, the Tether-backed company aims to close the gap between itself and MARA Holdings.
Twenty One Capital Secures Capital Raise To Buy Additional Bitcoin
Tether-backed Twenty One Capital shows no signs of slowing its Bitcoin accumulation spree. In an 8-K filing, the newly formed firm announced the sale of additional convertible notes, raising $100 million from investors.

The funds will purchase more Bitcoin, expanding the company’s holdings as the BTC arms race intensifies. Twenty One Capital currently holds 31,500 BTC on its balance sheet, ranking as the third-largest public holder of Bitcoin, behind Strategy and MARA Holdings.

While Michael Saylor's Strategy is miles ahead with its near-600,000 BTC, flipping Mara Holding is within reach for Twenty One Capital. Previously, the company purchased 4,812 BTC for $458.7 million, but additional capital raises point to an incoming buying spree.

Backed by cash-rich financiers, Twenty One Capital has raised $3.6 billion from a trio of supporters: Tether, SoftBank, and Bitfinex. The sale of convertible notes has generated a total of $385 million, while a private investment in public equity (PIPE) deal brought in an additional $200 million.
Mirroring Strategy's Treasury Playbook
A closer look at Twenty One Capital’s operations reveals the company is following a strategy similar to that of Strategy. It is employing a "leveraged Bitcoin equity trade" approach, utilizing a range of financing mechanisms to grow its BTC holdings.

Per the 8-K filing, the new convertible notes will pay holders a 1% interest annually till the 2030 due date. Alongside the use of leverage, both Strategy and Twenty One Capital are positioning Bitcoin as a core treasury asset on their balance sheets. Strategy, for instance, has disclosed plans to raise $2.1 billion to fund additional Bitcoin purchases.

However, unlike Saylor and Strategy, who are against the idea of a proof-of-reserve, Twenty One Capital has shown its intention to be transparent with its Bitcoin holdings.&nbsp;The company's CEO,&nbsp;Jack Mallers, revealed the wallet address, which holds the 4,812 BTC that the company bought earlier this month. He added that over the next week, they plan to publish four more addresses that contain the Bitcoin that Tether, SoftBank, and Bitfinex contributed.

Meanwhile, it is worth mentioning that public companies collectively hold over 800,000 BTC, highlighting the growing institutional appetite for Bitcoin. New players like Strive Asset Management and GameStop are entering the space, seeking to challenge the dominance of early adopters.

Tether-backed Twenty One Capital raises $100 million to expand Bitcoin holdings, plans to surpass MARA