Tether has transferred a total of 37,229.69 Bitcoin (BTC), worth approximately $3.9 billion, to addresses associated with the new Bitcoin-native financial platform Twenty One Capital, led by Strike CEO Jack Mallers.
Tether CEO Paolo Ardoino announced two transfers totaling 11,417 BTC (worth $1.2 billion) in a post on X on June 3.
In one transaction, the stablecoin issuer transferred 10,500 Bitcoin (BTC) (approximately $1.1 billion) to an address related to investment options in Twenty One Capital associated with SoftBank. Paolo stated that this was part of SoftBank's pre-funding for the Bitcoin platform.
In another post, Ardoino mentioned that Tether also separately transferred 917 BTC to a wallet associated with a convertible investor holding equity in the project. At that time, these coins were worth about $96 million.
The largest batch of transfers occurred the day before, with Ardoino reporting three transactions totaling 25,812 BTC, worth approximately $2.7 billion at the time.
This included Bitfinex transferring 7,000 BTC (worth over $730 million) as part of its investment in Twenty One Capital, followed by Tether transferring 14,000 BTC and 4,812.22 BTC (approximately $500 million), representing pre-funding for initial equity financing.
Twenty One Capital aims to develop Bitcoin-native capital market infrastructure, allowing products such as lending, custody, and asset issuance to operate directly on the Bitcoin network.
The company plans to go public through a merger with Cantor Fitzgerald's Cantor Equity Partners special purpose acquisition company (SPAC), with a company valuation of $3.6 billion.
Twenty One Capital has become the third-largest corporate holder of Bitcoin globally, following Strategy (formerly MicroStrategy) and Bitcoin mining company MARA Holdings.
These high-profile transactions also highlight the growing divergence in the crypto industry's approach to transparency.
At the Bitcoin conference in Las Vegas in 2025, Strategy Executive Chairman Michael Saylor stated that releasing on-chain reserve proofs is a "bad idea" that could pose security risks. Saylor claimed that this would undermine the security of all parties involved, including issuers, custodians, exchanges, and investors.
Despite Saylor's commitment to privacy, blockchain analytics firm Arkham Intelligence is still attempting to identify the company's wallets. On May 29, Arkham claimed to have successfully located 87% of Strategy's Bitcoin on-chain addresses.
Related: Institutions are not holding back on increasing their holdings during Bitcoin (BTC) pullbacks.
Original: “Tether Transfers $3.9 Billion in Bitcoin (BTC) to Twenty One Capital”
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