Paulo Ardoino, the CEO of Tether and CTO of Bitfinex, confirmed that both firms sent Bitcoin worth over $3 billion to Bitcoin treasury firm, Twenty One Capital.
Ardoino noted through a string of X tweets that Tether and Bitfinex were moving funds to Twenty One Capital. Over four transactions, the sister firms transferred $3.77 billion worth of Bitcoin to the heavily backed new Bitcoin Treasury firm.
Tether, Bitfinex Fulfill Pre-Funding Rights
Twenty One Capital CEO and Strike founder Jack Mallers announced the imminent launch of a Bitcoin-focused venture in April, offering exposure to the largest cryptocurrency by market capitalization. He introduced a new dynamic where the firm makes investors rich in Bitcoin rather than fiat currency, introducing new metrics such as Bitcoin per Share (BPS) and Bitcoin Return Rate (BRR).
Among its star-studded early investors are Tether, the largest stablecoin issuer; Bitfinex; SoftBank; and Cantor Fitzgerald. Meanwhile, Mallers noted that the first three firms would contribute 14,000 BTC, 7,000 BTC, and 10,500 BTC in a May 29 tweet.
We are also announcing today that, as of May 22, the Convertible Note Investors (all but one) and the Sponsor have exercised the option in full to purchase, in the aggregate, $100 million of Option Convertible Notes. See the Form 8-K below.
Over the next week, the four more…
— Jack Mallers (@jackmallers) May 29, 2025
Now, Tether, Bitfinex, and SoftBank have fulfilled their end of the bargain. Ardoino tweeted yesterday that Tether Group sent 18,812 BTC ($1.98 billion) to Twenty One Capital’s public address. He also disclosed that Bitfinex has transferred 7,000 BTC ($736,981) to the wallet.
Meanwhile, Tether moved another 10,500 BTC ($1.1 billion) to the Bitcoin treasury firm today on behalf of prominent US bank SoftBank. Notably, Maller had disclosed that the issuer would remit the funds on behalf of the institution.
Ardoino noted that the funds were part of the pre-funding of the initial equity raise in Twenty One Capital (XXI).
Twenty One Capital Focused on Transparency
Both Ardoino and Maller had argued that the public disclosure and proof of reserve marked the firm’s priority on transparency. “BTT=Bitcoin Treasury Transparency,” Ardoino tweeted.
Notably, Twenty One Capital’s revelation of its Bitcoin wallet address is the direct opposite of what Michael Saylor’s Strategy practices. The business intelligence-turned-Bitcoin treasury company adopted a privacy stance, with the executive chairman citing security reasons for the lack of disclosure.
Meanwhile, the Tether-backed investment firm will list on Nasdaq through a merger with Cantor Fitzgerald’s SPAC firm, Cantor Equity Partners (CEP), under a new ticker, XXI. According to BitcoinTreasuries, it is the third-largest public firm holding Bitcoin, sitting below Strategy and Marathon Digital.