As the crypto space continues to evolve rapidly, today brought a flurry of impactful updates — from a massive Bitcoin acquisition led by Tether to VanEck stepping deeper into blockchain-based finance, and Arizona’s governor taking a firm stance against crypto-related legislation. Let’s break down the most important developments from across the digital asset world.
Tether Pours $459M into Bitcoin for Twenty One Capital
In a major strategic move, stablecoin giant Tether has allocated nearly half a billion dollars into Bitcoin, specifically for Twenty One Capital, a BTC-focused investment firm currently eyeing a SPAC merger with Cantor Equity Partners.
According to a recent regulatory disclosure by Cantor, Tether acquired 4,812.2 BTC — valued at $458.7 million — at an average price of $95,319 per coin. The Bitcoin was transferred to an escrow wallet on May 9, reinforcing Twenty One Capital’s rapidly growing BTC treasury.
Post-acquisition, the firm’s Bitcoin holdings have reached 36,312 BTC, with Cantor holding 31,500 of those on its behalf. Once the SPAC merger is finalized, the company will be listed under the ticker XXI, making it a prominent new player among publicly traded crypto treasuries.
In fact, this puts Twenty One Capital in third place among publicly listed firms by Bitcoin holdings, trailing only Strategy (formerly MicroStrategy) with 568,840 BTC and MARA Holdings, which owns 48,237 BTC.
VanEck Rolls Out Tokenized Fund Tied to U.S. Treasurys
Traditional finance is increasingly embracing blockchain tech, and asset manager VanEck is now joining the real-world asset (RWA) tokenization race with its new fund, VBILL. Developed in partnership with the digital asset platform Securitize, the fund will offer blockchain-based exposure to U.S. Treasury bills — one of the most stable and liquid asset classes globally.
VanEck confirmed that the VBILL fund will launch on Avalanche, BNB Chain, Ethereum, and Solana. Subscription minimums vary: $100,000 on Avalanche, BNB, and Solana, while Ethereum-based investments will start at $1 million.
VanEck’s push into tokenized finance puts it in the company of institutional titans like BlackRock and Franklin Templeton. Earlier this year, Apollo Global Management — which manages over $750 billion in assets — also launched its own tokenized private credit offering, underscoring growing interest in on-chain RWAs.
According to data from RWA.xyz, the tokenized U.S. Treasurys market has reached a $6.9 billion market cap, second only to private credit. Securitize itself has tokenized more than $3.9 billion worth of assets and recently raised $47 million in a funding round led by BlackRock.
Arizona Governor Blocks Crypto Progress
In the regulatory sphere, Arizona Governor Katie Hobbs made headlines by vetoing two bills aimed at integrating cryptocurrency into state operations. Her decisions reflect a cautious approach as digital assets remain volatile.
On May 12, Hobbs rejected Senate Bill 1373, which would have created a Digital Assets Strategic Reserve Fund for managing seized or allocated crypto holdings. She cited market instability as a key concern, stating in her veto letter that such volatility poses risks to public funds.
Earlier this month, Hobbs also vetoed Senate Bill 1025, dubbed the Arizona Strategic Bitcoin Reserve Act, which proposed allocating up to 10% of the state’s treasury and retirement funds to Bitcoin and other digital assets.
Her vetoes come amid growing legislative interest in digital assets at the state level. According to BitcoinLaws.io, 26 U.S. states have introduced crypto reserve proposals, with 18 currently active.
Hobbs didn’t stop there. She also rejected Senate Bill 1024, which would have enabled Arizona state agencies to accept crypto payments for taxes, fees, and fines via approved service providers. In contrast to her vetoes, she did sign a bill allowing limited crypto use that doesn’t expose general fund dollars to direct market risk.
From institutional Bitcoin buys to the tokenization of legacy finance and ongoing regulatory battles, today’s headlines show how dynamic — and divided — the crypto landscape remains. Stay tuned as we continue to track how these trends unfold.
