On Monday, 2 June, Paolo Ardoino, CEO of stablecoin issuer Tether and CTO of crypto exchange Bitfinex, announced that the two companies had moved 25,812.22 bitcoins, worth $2.7 billion, to wallets designated to Twenty One Capital. The transfer was part of an investment in the newly formed Bitcoin treasury company.
Tether and Bitfinex Move 25,812 BTC to Bitcoin Treasury Company Twenty One Capital
While Tether transferred a total of 18,812.22 BTC ($1.98 billion) in separate transactions to two Twenty One Capital wallets, Bitfinex sent 7,000 BTC ($737 million) to the company’s address. Adroino wrote in a series of X posts that companies’ transfers are for the pre-funding of Twenty One’s convertible-equity raise.
The Bitcoin-native company backed by a SPAC merger involving crypto giant Tether Group, US asset manager Cantor Fitzgerald, and Japanese multinational investment holding firm Softbank is expected to be listed on the Nasdaq under the “XXI” ticker.
XXI, backed by Cantor and SoftBank, Plans to raise $585 million to acquire Bitcoin and go Public on Nasdaq
Tether and Bitfinex’s Bitcoin transfers come a month after Twenty One Capital and Cantor Equity Partners (CEP) agreed to raise $585 million in additional capital at the closing, consisting of $385 million in convertible senior secured notes and $200 million through a common equity “private investment in public equity” (PIPE) financing. According to the terms of the partnership, the net proceeds from the PIPE offerings will be used to fund additional Bitcoin purchases and general corporate purposes.
The deal involves Tether investing approximately $1.5 billion, SoftBank adding $900 million, and Bitfinex providing $600 million in bitcoin capital. Anchorage Digital and Copper are in charge of handling the company’s custody and collateral.
Twenty One expects to launch itself by holding more than 42,000 bitcoins, valued at $4.42 billion, positioning it as the third-largest Bitcoin treasury firm globally. The company aims to offer bitcoin-backed financial products to institutional clients, advocate for wider adoption, and produce related media content. It has plans for future expansion into Bitcoin-native financial products.
You May Also Like: China Bans Holding Bitcoin: What It Means for Global Crypto Investors
Twenty One CEO Jack Mallers Expects 31,500 BTC in Total Investment from its Backers
Jack Mallers, a prominent Bitcoin maximalist and CEO of crypto payment services firm Strike, will head the Bitcoin treasury company.
Last month, Mallers cemented Twenty One’s commitment to transparency by announcing a proof-of-reserves and also shared a link to the digital wallet holding the company’s bitcoins. He also said that both Tether and Bitfinex would share their respective XXI funding addresses, and another wallet showing additional contributions from the stablecoin issuer on behalf of SoftBank.
Mallers claimed that a total of roughly 31,500 bitcoins ($3.32 billion) would be moved into Twenty One Capital as part of the deal, with 10,500 BTC ($1.10 billion) expected to come from SoftBank. So far, Tether, Bitfinex, and SoftBank have transferred a total of 25,812.22 BTC, which falls under that threshold.
Tether’s $2.7 billion investment in the company came just days after Mallers announced a new Bitcoin-backed loan system during his keynote at the 2025 Bitcoin Conference in Las Vegas. The facility will enable Strike customers to use BTC as collateral to borrow between $10,000 and $1 billion at interest rates between 9%-13%.
The June 2 transfers move the parties closer to sealing the PIPE financing tied to the Cantor special purpose acquisition company (SPAC) merger. In a separate post, Mallers said that Twenty One plans to sell $100 million worth of convertible notes to investors within 30 days of the initial deal to acquire more Bitcoin. These notes can be converted into company shares by a buyer in the future, if certain conditions are met.
Twenty One Capital is still finalizing regulatory approvals for the business-combination transaction.
At the time of writing, Bitcoin (BTC) is trading at $105,378, up 0.54% in the last 24 hours.