Twenty One Capital, the bitcoin (BTC) treasury firm backed by Tether and Softbank, plans to add 5,800 BTC to its reserves ahead of a public listing through its merger with Cantor Equity Partners, the firm said Tuesday.
The contribution, led by Tether as part of an existing arrangement, would bring Twenty One’s total holdings to more than 43,500 BTC, over $5 billion at current prices, positioning it as the third-largest corporate Bitcoin treasury behind MicroStrategy and Tesla.
Twenty One CEO Jack Mallers, who also leads bitcoin-focused payments app Strike, tied the accumulation strategy to Bitcoin’s fixed supply, calling it “the scarcest thing” during a Tuesday interview with Bloomberg TV.
He said price increases could accelerate as institutional and sovereign buyers compete for limited supply.
“If you want more bitcoin, you don’t go to the bitcoin factory. You have to go up in price,” he said. “Is there enough bitcoin for me at 120, 000? No, okay. 130k, 140k, 150k?”
Mallers suggested that growing demand from ETFs and possibly nation-states could force rapid price discovery.
“Bitcoin is inelastic to demand,” he said, adding that market participants will “find the supply they’re looking for, they’re just going to have to get it at a higher price.”
The company will also introduce a “Bitcoin Per Share” metric to let investors track holdings directly rather than through earnings.
Tether and Bitfinex will remain majority owners of Twenty One after the listing, with SoftBank holding a minority stake. Shares are expected to trade under the ticker “XXI” upon deal completion, pending regulatory and shareholder approvals.
The firm says all holdings will be auditable in real time via on-chain proof of reserves.
Read more: Donald Trump’s ‘Golden Age of Crypto’ Takes Shape With White House Working Group Report