Tether Bitfinex Transfer 21,000 BTC to Twenty One Capital

Tether and Bitfinex have completed their Bitcoin funding leg for Twenty One Capital with a $2 billion transfer. On June 2, Tether and Bitfinex transferred 21,000 Bitcoins (BTC) to designated wallets, fulfilling their agreed contributions to Twenty One Capital. Tether CEO Paolo Ardoino confirmed that Bitfinex sent 7,000 BTC, while Tether Group moved 14,000 BTC. Additionally, Tether moved 4,812.22 BTC as prefunding for Twenty One’s convertible-equity raise.

The holdings matched a May 13 8-K filing that disclosed Twenty One bought the coins at an average price of $95,319.83 each in connection with its business-combination agreement with Cantor Equity Partners.

Reports on April 23 indicated that Cantor Fitzgerald planned to launch a $3 billion digital asset platform called Twenty One Capital, with a Bitcoin seeding from its founding partners. An April 24 announcement confirmed Twenty One Capital as a Bitcoin vehicle for capital markets to access BTC. The firm’s lead is Jack Mallers, CEO of Strike, who will guide both companies.

The deal’s framework consisted of Tether supplying roughly $1.5 billion in BTC, SoftBank adding $900 million, and Bitfinex providing $600 million.

The venture also intends to raise an additional $550 million, divided into $350 million through convertible senior secured notes and $200 million in private equity, to finance further Bitcoin purchases. Copper and Anchorage Digital will handle custody and collateral.

June 2 transfers move the parties closer to closing the private-investment-in-public-equity financing tied to the Cantor special purpose acquisition company (SPAC) merger. The private investment in public equity (PIPE) allocates $385 million in convertible notes and $200 million in common equity, with an option for an extra $100 million in notes within 30 days of the initial deal.

Net proceeds target further Bitcoin acquisitions and operating capital for Twenty One, which aims to offer bitcoin-backed financing products to institutional clients. SoftBank has yet to publish wallet details for its planned contribution, and Twenty One still must finalize regulatory approvals for the business-combination transaction.