Twenty One Capital (ticker CEP), the new “Bitcoin treasury” company led by Strike founder Jack Mallers, has raised an additional $100 million by selling convertible notes, bringing its total capital raised to $685 million, according to an updated 8-K form on Thursday.
The firm, financially backed by Tether and SoftBank, had previously raised $585 million, including the sale of $385 million worth of convertible notes and a $200 million private investment in public equity (PIPE) agreement.
Twenty One will use the fresh financing to purchase additional bitcoin, adding to its stockpile of $458 million worth of bitcoin purchased earlier this month and $3.6 billion worth contributed to its balance sheet through the merger agreement. The Tether-backed firm will be formed through a SPAC merger with Nasdaq-listed Cantor Equity Partners, and already manages the third-largest Bitcoin treasury among publicly traded companies.
Like Strategy, which pioneered the leveraged bitcoin equity trade, Twenty One uses a “bitcoin per share” metric to evaluate its corporate exposure to the cryptocurrency. The company is funding its balance sheet through multiple financing schemes that it says provide greater flexibility in growing its holdings. The firm’s new notes carry a 1% coupon and are due in 2030, according to its Securities and Exchange Commission filing.
At launch, Tether contributed $1.5 billion worth of bitcoin to Twenty One, SoftBank $900 million, and Bitfinex $600 million to fund its initial balance sheet holdings.
Twenty One is among a growing number of publicly traded entities that exist primarily to acquire bitcoin and offer investors alternate forms of exposure to the asset. Notably, the Trump family has recently gotten into the game through Trump Media and Technology Group (DJT.O), which plans to raise approximately $2.5 billion to invest in bitcoin.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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