Cantor Starts Crypto Firm With Backing From Tether, SoftBank

An affiliate of Cantor Fitzgerald LP is teaming up with stablecoin issuer Tether Holdings SA and SoftBank Group to create a new company called Twenty One Capital Inc. with the goal of accumulating Bitcoin, the latest company to emulate the business model of Michael Saylor’s Strategy.

Twenty One said it expects to launch with more than 42,000 Bitcoin, worth about $3.9 billion at current prices, making it the third-largest Bitcoin treasury in the world, according to a statement from the company on Wednesday. Tether will contribute $1.5 billion of Bitcoin to the new company, while Bitfinex, a Tether-affiliated exchange, and SoftBank plan to put in $600 million and $900 million of the cryptocurrency, respectively, according to a person familiar with the matter who asked not to be named since the discussions were private.