Tether has moved a total of 37,229.69 BTC—valued at roughly $3.9 billion—to wallets associated with Twenty One Capital, a new Bitcoin-native financial platform founded by Strike CEO Jack Mallers.
According to a June 3 post by Tether CEO Paolo Ardoino on X, the company executed two significant transfers, one of which included 10,500 BTC (around $1.1 billion) sent to an address linked to SoftBank’s investment in the platform. Ardoino clarified that this was part of SoftBank’s pre-funding arrangement for Twenty One.
In a separate transaction, Tether sent 917 BTC (worth approximately $96 million at the time) to a wallet tied to equity investors in the initiative.
Largest Transfer: $2.7B in a Day
The largest tranche of Bitcoin was sent the day before, comprising three transfers totaling 25,812 BTC—roughly $2.7 billion in value.
This included 7,000 BTC (over $730 million) from Bitfinex as part of its stake in Twenty One, followed by 14,000 BTC from Tether, and another 4,812.22 BTC (around $500 million) earmarked for an initial equity raise.
Building Bitcoin-Native Finance
Twenty One Capital is developing infrastructure for capital markets built entirely on the Bitcoin blockchain. Its offerings aim to include native services like lending, custody, and asset issuance directly on Bitcoin.
The company plans to go public via a SPAC merger with Cantor Fitzgerald’s Cantor Equity Partners, valuing the business at $3.6 billion.
With this large-scale Bitcoin allocation, Twenty One has now become the third-largest corporate holder of Bitcoin globally—behind Strategy (formerly MicroStrategy) and the mining company MARA Holdings.
Transparency Dispute
These transactions also spotlight an ongoing debate within the crypto space regarding transparency.
Speaking at the Bitcoin 2025 event in Las Vegas, Strategy chairman Michael Saylor criticized onchain proof-of-reserves, suggesting it introduces unnecessary risk for all parties involved, including issuers and custodians. Saylor believes public transparency in this form compromises security.
Despite this stance, Arkham Intelligence claims to have identified 87% of Strategy’s Bitcoin holdings onchain as of May 29.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
