Jack Mallers’ Twenty One Capital Receives Over 25,000 BTC as Pre-Funding From Tether, Bitfinex

Stablecoin giant Tether and Bitfinex exchange have transferred 25,812 Bitcoin, worth nearly $2.7 billion, to a new wallet, per Tether CEO Paolo Ardoino.

On Monday, Ardoino said that the transfer would help support their investment in Bitcoin treasury firm Twenty One Capital.

He wrote on X that the transfer is a part of the “pre-funding of the initial convert/equity raise in Twenty One Capital.”

Tether Group had moved 4812.22029710 BTC to address bc1qzup4k7zn9jur7a8kz0dnaernzyf60h8ez6s9cpmp23wfw5djhvusd4p0v3 as part of the pre-funding of the initial convert/equity raise in Twenty One Capital (XXI)https://t.co/SqhVRzq3k9

— Paolo Ardoino 🤖 (@paoloardoino) June 2, 2025

Twenty One Capital, led by Strike CEO Jack Mallers, is backed by major players, including Bitfinex, SoftBank, and Cantor Fitzgerald.

Tether initially moved 4,812.22 BTC to an address of Twenty One Capital, later adding 14,000 BTC to another address as part of its investment in the company. Meanwhile, Bitfinex sent 7,000 BTC in parallel.

. @Bitfinex is moving 7000 BTC to address bc1q4uccuzje5y77tajhgguzj3dut0rjkkq6thym8u2xvqhqn4zykrlsfsyhvl as part of its investment in Twenty One Capital (XXI)https://t.co/wTQvbqXNUN

— Paolo Ardoino 🤖 (@paoloardoino) June 2, 2025

The BTC transfers arrive more than a month after Twenty One Capital and Cantor Fitzgerald announced that it was raising $585 million in additional capital at closing.

Twenty One Capital Aims to Be Transparent in BTC Reserves

Inspired by Michael Saylors’s Strategy, which became a market leader by taking on corporate debt to buy Bitcoin, Twenty One aims to amass as much as 42,000 BTC, which would put it among the largest corporate Bitcoin holders in the world.

Mallers noted that the company will show proof-of-reserves to keep all its Bitcoin accumulation transparent.

“As Bitcoiners, we hear a lot about how Wall Street has arrived to Bitcoin,” he wrote on X last week. “With Twenty One, Bitcoin has arrived on Wall Street.”

Announcing Proof of Reserves for Twenty One

As Bitcoiners, we hear a lot about how Wall Street has arrived to #Bitcoin. With Twenty One, #Bitcoin has arrived on Wall Street.

Don't trust, verify. pic.twitter.com/johay8PJFI

— Jack Mallers (@jackmallers) May 29, 2025

The company will be publishing multiple addresses over the next week proving its Bitcoin reserves, he said in another post.

“All these professional economists, they are like Bitcoin is risky and volatile, no it’s not,” said Mallers during the 2025 Bitcoin Conference in Las Vegas.

Company to Sell $100M in New Convertible Notes to Buy BTC

In a separate announcement made last week, Mallers said that the company will sell $100 million in new convertible notes. The proceeds from the sale will go toward buying more Bitcoin, he added.

Twenty One Capital will be going public by merging with a special purpose acquisition company (SPAC), Cantor Equity Partners (CEP). The combined company will trade on the Nasdaq under the symbol ‘XXI’ upon the deal’s closure.