What to remember
- Twenty One Capital is a new kind of finance company that already has more Bitcoin on hand than Tesla. It now has 37,230 BTC saved up before the start.
- You can trust Tether, Bitfinex, and SoftBank to back it. After a SPAC merger, it will trade under the code XXI.
- The company wants to make financial goods that work with Bitcoin and an education platform that focusses on Bitcoin.
- Strategy has the most Bitcoin of any company, with 582,000 BTC. Tesla, on the other hand, has 11,509 BTC.
Bitcoin went from being held by tech-savvy individuals to being owned by large corporations over the course of 16 years. Companies like Tesla, SpaceX, and Strategy, as well as others in both the crypto and traditional businesses, use it as a reserve asset of choice.
As the race to buy Bitcoin goes on, Twenty One Capital, a company that buys more Bitcoin than Tesla, has already built up a big stash before going public.
It talks about Twenty One Capital and its Bitcoin plan. It also shows who has the most Bitcoin.
What does Twenty One Capital mean?
Twenty One Capital is a Bitcoin-only trading company that was set up in April 2025 to gather Bitcoin. Its goal is to be a Bitcoin trust fund that gives its investors safe access to the cryptocurrency.
The main goal of the company is to hold more Bitcoin over time. When it goes public, each share will be worth a certain amount of Bitcoin based on how much it holds.
Twenty One Capital is a partnership between Tether, Bitfinex, and SoftBank. Each company has put in a lot of money and Bitcoin to match their shares. Tether and Bitfinex are sister companies that are owned by iFinex. Together, they own 58.8% of the company, while SoftBank owns 24%.
Jack Mallers, CEO of Strike, is also one of the founders. He is now the CEO of the new company and says that Twenty One Capital is a “pure play Bitcoin business.”
A recent transfer of 7,000 Bitcoin from the exchange, worth about $730 million, brought Bitfinex’s role in the project to the public’s attention. After some time, Paolo Ardoino, chief technology officer, confirmed that those 7,000 BTC were bought for Twenty One Capital and sent to it.
Tether, Bitfinex’s sister company, bought 14,000 BTC in the new company, and SoftBank put in 10,500 BTC. Twenty One Capital got 5,730 BTC in the pre-funding round too.
Twenty One Capital also got $685 million through convertible senior secured notes, which are a type of debt that can be turned into stock in the future. This included an extra $100 million added in May 2025.
Bitcoin strategy at Twenty One Capital
Twenty One Capital will debut with one instrument, Bitcoin-holding public company shares. This structure allows shareholders to invest in cryptocurrencies without keeping it because the company’s valuation will closely track the BTC/USD exchange rate.
As of June 2025, Twenty One Capital had 37,230 BTC in Bitcoin, more than Tesla, an early corporate Bitcoin holder. It wants 42,000 BTC before listing.
Over time, Twenty One Capital plans to construct Bitcoin-native financial infrastructure and offer debt, equity, lending, borrowing, and advising services. It will also offer an educational platform to create Bitcoin-related media.
SPAC combination with Cantor Fitzgerald’s Cantor Equity Partners will take Twenty One Capital public. The acquisition seeks SEC and shareholder approval after being submitted in April 2025. Following the deal, the company will trade on Nasdaq under the XXI ticker, referencing Bitcoin’s 21 million supply cap.
The Bitcoin adventure of Tesla
Though it wasn’t always the case, Twenty One Capital’s pre-launch BTC stockpile was larger than Tesla’s. The electric car company’s reserve of over 40,000 BTC has been steadily dwindling as a result of their ongoing policy of dumping.
It wasn’t until February 2021 that Tesla first dealt with Bitcoin. Approximately 43,200 Bitcoins, or $1.5 billion, were purchased by the firm at that time. This change made Tesla the number two corporate buyer of Bitcoin instantly. At the time, Bitcoin appeared to be a top priority for Tesla. Elon Musk even included the cryptocurrency in his X bio. The business also began taking Bitcoin as payment.
Nevertheless, a significant amount of its initial investment was subsequently sold. Elon Musk, CEO, stated that the initial sale was conducted in March 2021 in order to assess liquidity. Tesla ceased taking Bitcoin payments in May of that year, stating that they were concerned about the environment.
The business sold off over 75% of its Bitcoin holdings in June 2022. It lags far behind Twenty One. Capital, which is going public soon, with only 11,509 BTC remaining in its reserve as of June 2025.
After 2025, who will have the largest Bitcoin holdings?
With 592,345 BTC in reserves, Strategy is the leading Bitcoin accumulation institution. Considering the company’s cost base is only $40.7 billion, this results in a valuation of almost $63 billion as of June 2025.
Beginning in 2020, the strategy began to amass Bitcoin. The corporation has gone a long way from spending spare cash on Bitcoin to becoming the largest corporate Bitcoin holder by 2025, with BTC serving primarily as the treasury asset.
Additional public companies that own Bitcoin Following Strategy,
The top public companies who own Bitcoin are:
- The mining firm MARA Holdings, located in the United States, has 49,678 Bitcoin (BTC) in reserves, which are worth around $5.3 billion at the moment. In addition to reinvesting the funds she receives, Mara would rather hold on to her mined Bitcoins than sell them. Thanks to this tactic, Mara is now the second-biggest company in terms of Bitcoin holdings.
- Twenty One Capital: With 37,230 BTC acquired before launch, Twenty One Capital will become the third-largest corporate buyer of Bitcoin once it is listed. Before launching, the corporation aims to increase its Bitcoin holdings to 42,000.
- Fourth place goes to Riot Platforms, another American mining firm, with 19,225 BTC. As a company, Riot buys more Bitcoin and rarely sells mined Bitcoin.
Galaxy Digital is the fifth most liquid cryptocurrency, with 12,830 BTC on hand. Bitcoin is a popular investment option for the crypto investing firm.
- Crypto mining firm CleanSpark has amassed a Bitcoin reserve of 12,502 BTC through the storage of mined BTC. The corporation held on to all mined Bitcoin until 2025, but started selling some off recently to fund mining expansion.
- Among the top ten, Tesla is unique among publicly traded companies in that it is not focused on Bitcoin. With a worth of $1.23 billion as of June 2025, the electric car corporation has 11,509 BTC in reserve.
- Hut 8: A mining firm in Canada has amassed 10,273 Bitcoin through mining and buying.
One of the top ten public corporations that own Bitcoin is Coinbase, the sole cryptocurrency exchange in this group. There are 9,267 Bitcoins in Coinbase’s reserve.
Individual businesses
- Out of all private companies, Block.one is the biggest Bitcoin holding. They make blockchain software. There are 164,000 Bitcoins (BTC) on Block.one’s books, which is almost $18 billion at the moment.
- Tether: The well-known stablecoin corporation has amassed a Bitcoin reserve of 100,521 coins, in addition to strategically investing in the Bitcoin ecosystem.
- Stone Ridge: NYDIG, a wholly owned subsidiary of the US-based investment corporation, purchases Bitcoin. Its present holdings consist of 10,000 BTC.
- Elon Musk’s SpaceX is one of the top Bitcoin holders. Currently, the space technology corporation has 8,285 BTC and has a history of buying and selling Bitcoin.
The Tezos Foundation now owns 2,903 Bitcoin after selling off its interests in 2022.
Potential Perils of Keeping Bitcoin in a Company’s Treasury
Twenty One Capital is just one of many companies that have been enticed by Bitcoin’s potential, but there are hazards associated with maintaining huge amounts of BTC. Issuers run the danger of capital erosion and dilution in June 2025 when they issue new shares close to their net asset value (NAV), according to Matthew Sigel of VanEck. This is especially true if the price of the shares drops to the same level as the underlying Bitcoin holdings.
In order to preserve shareholder value, he suggested halting ATM offerings and exploring buybacks. Investor confidence and bank accounts are vulnerable to the infamous price fluctuations of cryptocurrencies. Any decline or dilution event might drastically impact the share value and strategic flexibility of corporations like Twenty One Capital, whose equity is directly linked to BTC. Combining conviction with structural safeguards is the better course of action, as firmly advocated by VanEck.