Key takeaways
- Twenty One Capital is a novel investment firm already holding more Bitcoin than Tesla. Its pre-launch stash has reached 37,230 BTC.
- It’s backed by Tether, Bitfinex and SoftBank, and will trade under ticker XXI after a SPAC merger.
- The firm plans to build Bitcoin-native financial products and a Bitcoin-focused education platform.
- Strategy leads corporate Bitcoin holdings with 582,000 BTC, while Tesla holds 11,509 BTC.
In its 16-year journey, Bitcoin went from the pockets of tech-savvy users to the treasuries of major companies. It has become a preferred reserve asset for firms across the crypto sector and traditional industries, including companies like Tesla, SpaceX and Strategy.
While the race to acquire Bitcoin (BTC) continues, one company buying more Bitcoin than Tesla has built a substantial stash even before going public; it’s called Twenty One Capital.
This article delves into Twenty One Capital, its Bitcoin strategy, and sheds light on who holds the most Bitcoin.
What is Twenty One Capital?
Twenty One Capital is a Bitcoin-only investment firm incorporated in April 2025 to accumulate BTC. It aims to function as a Bitcoin treasury fund and offer its stakeholders regulated exposure to the cryptocurrency.
The company’s primary goal is to increase its Bitcoin holdings over time. Once it goes public, each share will represent a specific amount of BTC corresponding to its holdings.
Twenty One Capital is a collaboration among Tether, Bitfinex and SoftBank, with each party contributing large amounts of capital and Bitcoin corresponding to their stakes. As sister companies owned by iFinex, Tether and Bitfinex collectively have a 58.8% stake in the company, while SoftBank has a 24% share.
Strike CEO Jack Mallers is also among the co-founders. He is taking on the CEO role in the new initiative and describes Twenty One Capital as a “pure play Bitcoin business.”
Bitfinex’s involvement in the project recently came to the forefront with a 7,000 Bitcoin withdrawal from the exchange, worth around $730 million. Chief technology officer Paolo Ardoino later confirmed that those 7,000 BTC were bought for Twenty One Capital and sent to it.
Bitfinex’s sister company, Tether, bought 14,000 BTC for the novel company while SoftBank invested 10,500 BTC. Twenty One Capital received 5,730 BTC in the pre-funding as well.
Twenty One Capital also raised $685 million through convertible senior secured notes, a form of debt that can later convert into equity. This included an additional $100 million top-up in May 2025.
Twenty One Capital’s Bitcoin strategy
At launch, Twenty One Capital will offer a singular vehicle, shares of a public company holding Bitcoin. This structure means the company’s valuation will closely track the BTC/USD exchange rate, allowing shareholders to invest in the cryptocurrency without directly holding it.
Twenty One Capital’s Bitcoin holdings have reached 37,230 BTC as of June 2025, a reserve much larger than that of Tesla, an early corporate Bitcoin holder. It plans to take its BTC stash to 42,000 before listing.
In the long run, Twenty One Capital aims to build Bitcoin-native financial infrastructure and offer debt and equity products, lending, borrowing and advisory services. The company will also launch an educational platform to produce Bitcoin-focused content and media.
Bitcoin investment firm’s SPAC merger
Twenty One Capital will go public through a SPAC merger with Cantor Fitzgerald’s Cantor Equity Partners. The deal was submitted to the SEC in April 2025 and awaits regulatory and shareholder approval. Once the deal closes, the company will trade on Nasdaq under the XXI ticker, a reference to Bitcoin’s 21 million supply cap.
Tesla’s Bitcoin journey
Twenty One Capital surpassed Tesla with its pre-launch BTC stash, but that was not always the case. The electric vehicle company once held over 40,000 BTC in its reserve, but that number has gradually diminished due to a constant offloading strategy.
Tesla’s first contact with Bitcoin was in February 2021. The company bought around 43,200 BTC worth $1.5 billion at that time. The move immediately placed Tesla as the second-largest corporate BTC buyer. Bitcoin seemed to be high on Tesla’s agenda back then, as Elon Musk even gave a place to the cryptocurrency in his X bio. The company also started to accept Bitcoin payments.
However, it sold a substantial portion of its initial investment over time. The first sale was in March 2021 to test liquidity, according to CEO Elon Musk. In May of the same year, Tesla stopped accepting Bitcoin payments, citing environmental concerns.
In June 2022, the company offloaded around 75% of its Bitcoin stash. As of June 2025, only 11,509 BTC are left in its reserve, placing it well behind the soon-to-go-public Twenty One. Capital.
Who holds the most Bitcoin in 2025?
Strategy leads the way in institutional Bitcoin accumulation with 592,345 BTC in its reserves. This translates to an over $63 billion valuation as of June 2025, though the company’s cost basis is only $40.7 billion.
Strategy has been accumulating Bitcoin since 2020. The journey that started with spending spare cash to buy Bitcoin has evolved into holding primarily BTC as the treasury asset, and has made the company the largest corporate Bitcoin holder as of 2025.
Other public companies holding BTC
After Strategy, the largest Bitcoin holders among public companies include:
- MARA Holdings: The US-based mining company has 49,678 BTC in its reserves, currently valued at around $5.3 billion. Mara prefers to hold mined BTC rather than selling, and also uses raised capital to buy more BTC. This strategy has positioned Mara as the second-largest corporate Bitcoin holder.
- Twenty One Capital: Once listed, Twenty One Capital will be the third-largest corporate BTC buyer with 37,230 BTC collected pre-launch. The company plans to take its Bitcoin holdings to 42,000 before launching.
- Riot Platforms: Another US-based mining company ranks fourth on the list, holding 19,225 BTC. Riot rarely sells mined BTC and reinforces its Bitcoin stash with purchases.
- Galaxy Digital: With 12,830 BTC in its reserve, Galaxy Digital is in fifth place on the list. The crypto investment company frequently buys Bitcoin.
- CleanSpark: Bitcoin mining company CleanSpark built a Bitcoin reserve of 12,502 BTC by holding mined BTC. Until 2025, the company kept all mined BTC, but recently began to sell a portion to expand mining operations.
- Tesla: Among the top 10, Tesla is the only name not a Bitcoin-focused public company. The electric vehicle company holds 11,509 BTC in its reserve, valued at $1.23 billion as of June 2025.
- Hut 8: Canada-based mining company has a Bitcoin stash of 10,273, built by mining and purchasing.
- Coinbase: It is the only cryptocurrency exchange among the top 10 public corporate Bitcoin holders. Coinbase holds 9,267 BTC in its reserve.
Private companies
- Block.one: Blockchain software firm stands as the largest Bitcoin holder among private companies. Block.one’s balance sheet includes 164,000 BTC, currently valued at nearly $18 billion.
- Tether: Apart from supporting the Bitcoin ecosystem with strategic investments, the renowned stablecoin company built a BTC reserve that reaches 100,521 coins.
- Stone Ridge: The US-based investment firm acquires Bitcoin through its subsidiary, NYDIG. Its current stash includes 10,000 BTC.
- SpaceX: Another company of Elon Musk makes the list of top Bitcoin holders. The space technology firm has a history of buying and selling Bitcoin, and currently holds 8,285 BTC.
- Tezos Foundation: The entity has reduced its Bitcoin holdings since 2022 and owns 2,903 BTC.
Risks of holding Bitcoin in a corporate treasury
While Bitcoin’s upside has attracted firms like Twenty One Capital, holding large BTC reserves comes with real risks. In June 2025, VanEck’s Matthew Sigel cautioned that firms issuing new shares near their net asset value (NAV) risk capital erosion and dilution, particularly if share prices fall to parity with underlying BTC holdings.
He advised pausing ATM offerings and considering buybacks to protect shareholder value. Crypto’s notorious price swings can dramatically impact balance sheets and investor confidence. For firms like Twenty One Capital, whose equity is directly tied to BTC, any downturn or dilution event could significantly affect share value and strategic flexibility. The smarter path lies in pairing conviction with structural safeguards, something VanEck strongly encourages.