Tether moves $3.9B in Bitcoin to Twenty One Capital

2 days ago

Tether has moved a combined 37,229.69 Bitcoin, worthy astir $3.9 billion, to addresses linked to the caller Bitcoin-native fiscal platform, Twenty One Capital, led by Strike CEO Jack Mallers.

Tether CEO Paolo Ardoino posted 2 transfers totalling 11,417 BTC ($1.2 billion) successful a June 3 X post.

In 1 transaction, the stablecoin issuer transferred 10,500 Bitcoin (BTC) (about $1.1 billion) to an code linked to SoftBank’s concern enactment successful Twenty One. The enforcement said this is portion of the pre-funding of SoftBank’s concern successful the Bitcoin platform.

In different post, Ardoino said Tether made a abstracted 917 BTC transportation to a wallet associated with person investors holding equity rights successful the venture. The coins were worthy astir $96 cardinal astatine the clip of writing.

Tether moves $3.9 cardinal successful Bitcoin

The largest batch was moved a time earlier, erstwhile Ardoino reported 3 transactions totaling 25,812 BTC, worthy astir $2.7 cardinal astatine the time.

That included a 7,000 BTC transfer, worthy much than $730 million, from Bitfinex arsenic portion of its concern into Twenty One, followed by a 14,000 BTC transportation from Tether, and 4,812.22 BTC (about $500 million) representing pre-funding for an archetypal equity raise.

Twenty One Capital aims to make Bitcoin-native superior markets infrastructure, allowing products similar lending, custody and plus issuance to run straight connected Bitcoin rails.

It plans to spell nationalist via a Special Purpose Acquisition Company (SPAC) merger with Cantor Fitzgerald’s Cantor Equity Partners, which values the institution astatine $3.6 billion.

Twenty One is already the third-largest firm Bitcoin holder successful the world, trailing lone down Strategy (formerly MicroStrategy) and Bitcoin mining steadfast MARA Holdings.

Strategy shies distant from proof-of-reserves

The high-profile transactions besides item a increasing disagreement successful the crypto industry’s attack to transparency.

At the Bitcoin 2025 league successful Las Vegas, Strategy enforcement president Michael Saylor said that posting onchain proof-of-reserves is simply a “bad idea” that could pose information risks. Saylor said this dilutes the information of everyone involved, including the issuer, the custodians, the exchanges and the investors.

Despite Saylor’s committedness to privacy, blockchain analytics steadfast Arkham Intelligence has attempted to place the company’s wallets. On May 29, Arkham claimed it had managed to find 87% of Strategy’s Bitcoin onchain.