Tether moved $3.9B in Bitcoin to Twenty One Capital, making it the third-largest corporate BTC holder after Strategy and MARA.
A total of 37,229.69 Bitcoin, valued at approximately $3.9 billion, has been transferred by Tether to addresses associated with the new Bitcoin-native financial platform, Twenty One Capital, which Strike CEO Jack Mallers are leading.
According to a June 3 X post, Tether CEO Paolo Ardoino disclosed two transfers totaling 11,417 BTC ($1.2 billion).
The stablecoin issuer transferred 10,500 Bitcoin (BTC) (approximately $1.1 billion) to an address associated with SoftBank’s investment option in Twenty One in a single transaction.
The executive stated that it was a component of the pre-funding of SoftBank’s investment in the Bitcoin platform.
Ardoino stated in a separate post that Tether conducted a 917 BTC transfer to a wallet affiliated with convert investors who held equity rights in the venture.
The coins were valued at approximately $96 million at the time of this writing.
Tether Transfers $3.9 Billion In Bitcoin
Ardoino reported three transactions totaling 25,812 BTC, worth approximately $2.7 billion, resulting in the most significant quantity being transferred a day earlier.
This consisted of a 7,000 BTC transfer from Bitfinex, which was valued at over $730 million, as part of its investment in Twenty One.
Tether followed with a 14,000 BTC transfer, and 4,812.22 BTC (approximately $500 million) was reserved for pre-funding an initial equity raise.
Twenty One Capital’s objective is to establish a capital markets infrastructure that is Bitcoin-native, enabling products such as lending, custody, and asset issuance to operate directly on Bitcoin platforms.
It intends to enter the public market through a merger with Cantor Equity Partners, a Special Purpose Acquisition Company (SPAC) valued at $3.6 billion.
Twenty One is currently the third-largest corporate Bitcoin holder in the world, trailing only Strategy (formerly MicroStrategy) and Bitcoin mining firm MARA Holdings.
Strategy Refrains From Utilizing Proof-Of-Reserves
The high-profile transactions also underscore a growing divide in the crypto industry’s approach to transparency.
Michael Saylor, the executive chairman of Strategy, stated at the Bitcoin 2025 conference in Las Vegas that posting on-chain proof-of-reserves is a “bad idea” that could introduce security risks.
Saylor said this dilutes the security of everyone involved, including the issuer, the custodians, the exchanges, and the investors.
Arkham Intelligence, a blockchain analytics firm, has endeavored to identify Saylor’s assets despite the company’s dedication to privacy.
Arkham asserted on May 29 that it had successfully located 87% of Strategy’s Bitcoin on the blockchain.
