Cantor Fitzgerald has launched a new crypto-focused venture in collaboration with Tether and Japan’s SoftBank Group.

The initiative, announced on April 23, 2025 merges Cantor Equity Partners with the newly established Twenty One Capital.

The combined entity is valued at US$3.6 billion, based on a bitcoin price of approximately US$85,000.

It will start with over 42,000 bitcoins, making it the third-largest bitcoin treasury in the world, according to Twenty One Capital.

🔗 Source: Reuters

🧠 Food for thought

1️⃣ Corporate bitcoin treasuries becoming strategic financial tools

The Twenty One Capital venture represents an acceleration of the corporate bitcoin treasury trend that began with MicroStrategy.

MicroStrategy remains the largest corporate bitcoin holder with over 531,644 BTC valued at approximately $45 billion, followed by Marathon Digital Holdings with 47,531 BTC and Riot Platforms with 19,223 BTC 1.

This new venture’s planned 42,000 bitcoin holding would immediately position it as the world’s third-largest corporate bitcoin treasury, demonstrating how quickly major institutional players can reshape the competitive landscape.

The strategic timing aligns with broader institutional acceptance, as public companies increasingly view bitcoin as a legitimate asset class for balance sheet diversification rather than simply a speculative investment.

Companies holding significant bitcoin positions are positioning these holdings as inflation hedges and alternatives to traditional cash reserves, reflecting a fundamental shift in corporate treasury management philosophy.

2️⃣ Trump administration’s crypto policies driving institutional confidence

The announcement references Trump’s pro-crypto stance as a key factor in the venture’s timing and strategy.

Trump has signed executive orders establishing a cryptocurrency working group to develop regulatory frameworks, signaling government interest in digital assets 2.

This shift represents a departure from previous regulatory approaches, with the SEC pausing high-profile enforcement actions and transitioning toward providing clarity rather than restrictions 3.