Bitcoin investment firm Twenty One Capital is set to receive 5,800 BTC from stablecoin issuer Tether as it prepares for its upcoming public listing, according to a July 29 statement.
This inflow would bring the firm’s total Bitcoin holdings to over 43,500 BTC, making it the third-largest corporate holder globally. It would rank just behind Marathon Digital and Strategy (formerly MicroStrategy).
As of press time, over 4,700 BTC had already been transferred to Twenty One Capital’s wallet, pushing its stash to 43,343 BTC, which is valued at $5.1 billion, according to on-chain data.
Bitcoin per share
Twenty One Capital plans to publish a metric called Bitcoin Per Share (BPS) to offer investors more transparency. This figure will represent the amount of Bitcoin backing each fully diluted company share.
Unlike traditional firms’ earnings-per-share models, BPS will allow shareholders to track performance directly in Bitcoin terms.
The firm stated that each share of the new company is expected to represent approximately 12,559 satoshis.
Meanwhile, the firm also emphasized that it carries no legacy liabilities, aiming to deliver pure exposure to Bitcoin without the risks of unrelated business operations.
Jack Mallers, the CEO and co-founder of Twenty One Capital, said:
“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. We’re not here to beat the existing system, we’re here to build a new one.”
Bitcoin treasury
Twenty One Capital’s move follows a growing trend of Bitcoin treasury strategies, first popularized by Strategy (formerly MicroStrategy).
According to Bitcoin Treasuries data, over 100 publicly traded companies now hold nearly 1 million Bitcoin on their balance sheets.
Meanwhile, critics have raised concerns about the potential risks of these firms’ aggressive accumulation.
However, market analysts like Joe Consorti, head of growth at Theya Bitcoin, have resisted these concerns.
According to him:
“Bitcoin treasury companies aren’t a systemic risk. They’re deploying conservative, intelligent leverage, and are years away from true scale. The real risk is being underexposed while institutions remove supply at an accelerating pace.”
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