Tether and Bitfinex Transfer $3.9 Billion in Bitcoin to Twenty One Capital, Bolstering New Financial Platform

Tether and Bitfinex have moved a combined 37,229.69 Bitcoin, worth approximately $3.9 billion, to addresses linked to Twenty One Capital, a new Bitcoin-native financial platform led by Jack Mallers, CEO of Strike. This transaction makes Twenty One Capital the third-largest corporate holder of Bitcoin, following Strategy and MARA Holdings.

The largest batch, totaling 25,812 BTC (approximately $2.7 billion), was moved a day earlier. This included a 7,000 BTC transfer from Bitfinex as part of its investment into Twenty One, a 14,000 BTC transfer from Tether, and 4,812.22 BTC representing pre-funding for an initial equity raise.

In another post, Tether CEO Paolo Ardoino detailed two additional transfers totaling 11,417 BTC (about $1.2 billion). One transfer of 10,500 BTC (approximately $1.1 billion) was made to an address linked to SoftBank’s investment in Twenty One. The second transfer of 917 BTC (about $96 million) was made to a wallet associated with convert investors holding equity rights in the venture.

Twenty One Capital aims to develop infrastructure for Bitcoin-native capital markets, enabling products such as lending, custody, and asset issuance to operate directly on Bitcoin rails. The company plans to go public via a Special Purpose Acquisition Company (SPAC) merger with Cantor Fitzgerald’s Cantor Equity Partners, valuing the company at $3.6 billion.

The high-profile transactions also highlight a growing divide in the crypto industry’s approach to transparency. At the Bitcoin 2025 conference in Las Vegas, Strategy executive chairman Michael Saylor expressed concerns about the security risks associated with posting on-chain proof-of-reserves. Despite this, blockchain analytics firm Arkham Intelligence has attempted to identify Strategy’s wallets, claiming to have found 87% of the company’s Bitcoin on-chain.

This move by Tether and Bitfinex underscores the growing institutional interest in Bitcoin and the development of new financial platforms built around the cryptocurrency. As Twenty One Capital continues to build out its infrastructure, it is likely to play a significant role in the future of Bitcoin-native financial services.