Tether transfers 3.9 billion USD Bitcoin to Jack Mallers' Twenty One Capital, making it the third-largest corporate BTC holder.
Tether has just executed a series of transactions transferring a total of 37,229.69 Bitcoin (BTC), valued at approximately 3.9 billion USD, to wallet addresses associated with the newly established Bitcoin financial platform Twenty One Capital.
This platform is led by Jack Mallers, CEO of Strike, thereby quickly making Twenty One Capital the third-largest corporate Bitcoin holder in the world, after Strategy and Bitcoin mining company MARA Holdings.
This information was announced by Paolo Ardoino, CEO of Tether, on social media X on June 3. Mr. Ardoino revealed two transactions totaling 11,417 BTC (approximately 1.2 billion USD). Among these, one transaction transferred 10,500 BTC (approximately 1.1 billion USD) to a wallet address linked to SoftBank's investment in Twenty One Capital, described as a pre-funding round. Another separate transaction of 917 BTC (approximately 96 million USD) was sent to the wallet of investors converting equity stakes in the joint venture.
The day before, a series of three larger transactions were made, totaling 25,812 BTC (valued at approximately 2.7 billion USD at the time of transaction). Specifically, Bitfinex transferred 7,000 BTC as part of an investment in Twenty One Capital, Tether transferred 14,000 BTC, and the remaining 4,812.22 BTC was used for pre-funding the initial equity raise.
Twenty One Capital aims to build capital market infrastructure directly on the Bitcoin platform, intending to provide financial products such as lending services, custody, and asset issuance.
The company plans to go public through a merger with a special purpose acquisition company (SPAC) named Cantor Equity Partners, a branch of Cantor Fitzgerald, with an expected valuation of around 3.6 billion USD.
The large and public transactions from Tether highlight the ongoing debate in the crypto industry about transparency. At the Bitcoin 2025 conference in Las Vegas, Michael Saylor, CEO of Strategy, warned that publicly revealing on-chain Proof of Reserves carries high security risks and could compromise the information security of all involved parties.
Although Strategy keeps its specific Bitcoin wallet addresses private, the blockchain analysis company Arkham Intelligence recently claimed to have identified 87% of Strategy's Bitcoin stored on-chain on May 29, reflecting the complexity and multifaceted nature of transparency in the cryptocurrency field.
