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Tether and Bitfinex just tossed $3.9 billion worth of Bitcoin into Jack Mallers’ new project, Twenty One Capital. That move made the company the third-largest corporate Bitcoin holder on Earth—right behind Strategy and MARA.
Big Bitcoin Moves
Tether’s CEO Paolo Ardoino shared on X that two transfers were made totaling 11,417 BTC—about $1.2 billion. One chunk (10,500 BTC) went to an address tied to SoftBank’s investment in the new Bitcoin-native platform. The other transfer (917 BTC) was sent to a wallet connected to early equity investors. That batch was worth $96 million.
But that’s not all. A day before, there were three more mega transfers worth 25,812 BTC ($2.7 billion). Bitfinex sent 7,000 BTC (~$730 million) as part of its own investment. Tether added another 14,000 BTC. The rest—4,812 BTC—was pre-funding for Twenty One’s first equity raise.
What’s Twenty One Capital?
Jack Mallers is building something serious here. Twenty One Capital is making a financial system that runs completely on Bitcoin. That means things like lending, custody, and asset issuance—all without touching the traditional banking system.
They’re going public too. The company plans to merge with a SPAC linked to Cantor Fitzgerald, which puts their valuation at $3.6 billion. That’s big league.
Bitcoin Transparency Drama
While Twenty One is stacking coins, Strategy’s Michael Saylor is raising eyebrows. At the Bitcoin 2025 event in Vegas, he said showing proof-of-reserves onchain is a security risk. According to him, it’s better to keep things private.
Still, blockchain watchdogs like Arkham Intelligence aren’t backing down. They recently said they’ve tracked 87% of Strategy’s Bitcoin wallets.
(Footing: SPAC = A shell company created to take a private company public. Proof-of-reserves = Public blockchain records showing how much crypto a company holds.)
