In a massive vote of confidence for a new bitcoin-focused company, Tether and Bitfinex have moved over 37,000 BTC—worth $3.9 billion—to digital treasury firm Twenty One Capital. This is one of the largest Bitcoin transactions in recent history.
The announcement came from Paolo Ardoino, CEO of Tether and CTO of Bitfinex, through multiple posts on X. According to Ardoino, the transfers were part of a pre-funding round for the launch of Twenty One Capital, a new company that will lead the bitcoin treasury space.
“Tether Group is moving 10,500 BTC to address bc1qpzt4m58zzqgp84ktyuj5tz8g8k8ssg2g2d5eeerwhx4gxulqq5mqjzm5gc as part of the pre-funding of SoftBank’s investment in Twenty One Capital (XXI)” Ardoino said.
Twenty One Capital is a new bitcoin treasury firm led by Jack Mallers, CEO of Strike and founder of Zap. The company is backed by Tether, Bitfinex, SoftBank and Cantor Fitzgerald.
The company will go public via a SPAC merger with Cantor Equity Partners (CEP) and will trade under the ticker XXI on Nasdaq. After the merger was announced CEP’s stock price skyrocketed from $11 to $59.75.
Mallers says the company’s mission is bold and clear: accumulate bitcoin and provide full transparency through public wallet disclosures, also known as providing “proof-of-reserves“.
Total bitcoin moved to Twenty One Capital so far include:
10,500 BTC from Tether on behalf of SoftBank (worth about $1.1 billion)
19,729.69 BTC from Tether (worth around $2 billion)
7,000 BTC from Bitfinex (valued at roughly $740 million)
The amounts sum up to 37,229.69 BTC, worth around $3.9 billion at current prices. These were verified on public blockchain explorers.
The Twenty One Capital wallets now show large balances. They have already confirmed they have 31,500 BTC. That makes them the 3rd largest corporate bitcoin holder behind Strategy and Marathon Digital Holdings.
Once these new transfers are confirmed, the company will take over Marathon to become the second-largest corporate holder of the scarce digital asset globally.
Related: Twenty One Capital Becomes 3rd-Largest Corporate Holder of Bitcoin
Unlike companies that add bitcoin to their balance sheet, Twenty One Capital exists solely to accumulate and manage bitcoin. It follows a model similar to Strategy but is more transparent.
Mallers introduced new financial metrics like Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR) to value the company in bitcoin terms, not fiat.
He thinks economic value in the future will not be measured in dollars but in satoshis—the smallest unit of bitcoin. The company is not just about guarding against fiat collapse, but about completely opting out of the system.
A key part of the firm’s strategy is proof of reserves. Unlike some other big bitcoin holders, Twenty One Capital has already published its public wallet addresses so anyone can verify its holdings in real time.
Ardoino called this approach “Bitcoin Treasury Transparency (BTT)” and said it’s a response to recent industry scandals that showed the dangers of financial opacity in digital assets.
Mallers added openness is the only way to build long-term trust in a bitcoin-native financial system.
Twenty One Capital wants to reshape financial infrastructure, build native bitcoin lending models and promote global Bitcoin adoption.
