Key Takeaways
- Tether and Bitfinex have moved 37,229 BTC to Twenty One Capital.
- The new firm will trade under ticker XXI after a SPAC merger with Cantor Equity Partners.
- Twenty One Capital is set to become the second-largest corporate Bitcoin holder.
In one of the largest Bitcoin transactions to date, digital treasury firm Twenty One Capital has received 37,229.69 BTC—worth approximately $3.9 billion—from Tether, Bitfinex, and other backers.
Announcement & transparency
Announced by Tether CEO Paolo Ardoino via posts on X, the transfers are part of a pre-funding round for the launch of the Jack Mallers-led company.
Mallers, who also heads Strike, said the new firm aims to operate with complete transparency through on-chain proof-of-reserves.
Ardoino wrote:
Tether Group is moving 10,500 BTC to address… as part of the pre-funding of SoftBank’s investment in Twenty One Capital (XXI).
Details of the funding
Funding included:
- 10,500 BTC from Tether on behalf of SoftBank
- 19,729.69 BTC from Tether
- 7,000 BTC from Bitfinex
Public offering and market impact
Twenty One Capital will go public via a SPAC merger with Cantor Equity Partners, trading under the ticker XXI.
Following the announcement, CEP’s stock surged from $11 to $59.75.
Corporate Bitcoin holdings
The firm has already confirmed 31,500 BTC in public wallet addresses, placing it behind only Strategy and Marathon Digital Holdings.
Once the latest transfers are fully verified, it will surpass Marathon as the second-largest corporate Bitcoin holder globally.
New valuation metrics
Mallers introduced new valuation metrics such as Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR) and said value will eventually be measured in satoshis, not fiat.
Commitment to transparency
The firm’s open-ledger policy, dubbed “Bitcoin Treasury Transparency (BTT),” is a direct response to recent financial scandals.
Mallers said:
Openness is the only way to build long-term trust in a bitcoin-native financial system.
