In a bold move that could reshape institutional Bitcoin investing, SoftBank, Tether, Jack Mallers and Cantor Fitzgerald are launching a Bitcoin treasury vehicle aimed at holding and accumulating Bitcoin as a core asset.
If finalized, the deal could mark one of the most significant institutional crypto collaborations to date.
Wall Street Meets Bitcoin: A New Chapter for Institutional Crypto Adoption
According to Bloomberg, the initiative is being spearheaded by Cantor Fitzgerald, a major U.S. financial services firm with deep roots in asset management and trading. Notably, Cantor Fitzgerald is no stranger to political influence: its former CEO, Howard Lutnick, is the current U.S. Secretary of Commerce, and his son, Brandon Lutnick, now chairs the firm. The family’s proximity to Washington, especially in a pro-crypto Trump administration, adds a strategic dimension to the project.
Brandon Lutnick recently raised $200 million through the special purpose acquisition company Cantor Equity Partners I, a capital pool that is expected to serve as the launchpad for a new firm tentatively named 21 Capital — a direct nod to Bitcoin’s fixed supply cap of 21 million BTC.
Twenty One will be led by Co-Founder and CEO Jack Mallers, who is well known as the founder and CEO of Strike, a bitcoin app concentrating on payments on the Lightning network.
A Strategic Bitcoin Treasury Vehicle Inspired by MicroStrategy
The structure of this new vehicle appears to be inspired by MicroStrategy, the public company led by Bitcoin evangelist Michael Saylor, which has accumulated over 538,200 BTC, making it the largest corporate holder of Bitcoin in the world. MicroStrategy issues stock and convertible debt to fund ongoing Bitcoin purchases, a playbook 21 Capital seems ready to replicate.
According to early reports, Tether is expected to contribute $1.5 billion in BTC, SoftBank would bring in $900 million in BTC, and Bitfinex, Tether’s sister company, would add another $600 million in BTC.
In addition to these initial injections, 21 Capital is reportedly planning to raise an additional $200 million through a share offering and $385 million in convertible debt, all intended to buy even more Bitcoin. Twenty One expects to launch with more than 42,000 BTC, instantly placing it among the top 3 public Bitcoin holders globally.
SoftBank Sees the Writing on the Wall
SoftBank’s enthusiasm for Bitcoin is not without precedent. In its home market of Japan, the company has witnessed the meteoric rise of Metaplanet Inc., a hotel operator that adopted a Bitcoin treasury strategy similar to MicroStrategy’s. Since early 2024, Metaplanet’s share price has increased 25-fold, driven by its pivot from traditional business to a Bitcoin-centered strategy. The firm currently holds 4,855 BTC and has stated ambitions to reach 21,000 BTC by the end of 2026.
This success story has likely influenced SoftBank’s willingness to commit nearly $1 billion in BTC to the new venture.
The Trump Factor: Regulatory Tailwinds in the U.S.
The proposed vehicle also comes at a time of increasingly favorable crypto regulation under the renewed influence of Donald Trump, who has publicly stated that he wants to make the U.S. the crypto capital of the world. The return of a pro-crypto administration is expected to lower the regulatory risk that has long been a barrier to large-scale institutional involvement in digital assets.
This shifting political landscape may be helping traditional firms like Cantor Fitzgerald and tech investors like SoftBank feel more confident about diving deeper into Bitcoin.
What’s Next?
21 Capital could become a game-changing force in institutional Bitcoin investment, creating a high-profile vehicle designed to accumulate and hold BTC as a long-term treasury reserve.
It would also serve as a powerful endorsement of Bitcoin’s legitimacy as a macroeconomic hedge and strategic reserve asset, especially at a time when inflation, monetary expansion, and fiat devaluation are top concerns among global investors.
This move could mark a new era of mainstream institutional acceptance, further cementing Bitcoin’s role in the modern financial system.
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