Tether and Bitfinex have jointly moved over $3.9 billion worth of Bitcoin to Twenty One Capital, placing the firm as the third-largest corporate holder of BTC globally.

Tether Moves 37,229 BTC to Bitcoin-Native Platform

Tether, the world’s largest stablecoin issuer, has transferred a total of 37,229.69 Bitcoin (valued at approximately $3.9 billion) to addresses linked with Twenty One Capital, a Bitcoin-native financial platform led by Jack Mallers, CEO of Strike. The move positions Twenty One as the third-largest corporate holder of Bitcoin, behind only Strategy (formerly MicroStrategy) and mining firm MARA Holdings.

According to Tether CEO Paolo Ardoino, the transfers occurred over several days, with the largest batch—totaling 25,812 BTC (around $2.7 billion)—reported on June 2. This included a 7,000 BTC transfer from Bitfinex, a 14,000 BTC transfer from Tether itself, and a 4,812.22 BTC transaction as pre-funding for an initial equity raise.

SoftBank and Convertible Investors Join In

On June 3, Ardoino confirmed two more Bitcoin transfers via X (formerly Twitter). The first was a 10,500 BTC transfer (about $1.1 billion) to a wallet connected to SoftBank’s investment in Twenty One Capital. This was described as part of a pre-funding effort for the firm’s development.

A smaller transaction of 917 BTC (approximately $96 million) was also sent to a wallet linked to convertible investors, who hold equity rights in the platform.

Twenty One Capital’s Ambitious Goals

Twenty One Capital aims to reshape Bitcoin finance by building a Bitcoin-native capital markets infrastructure. This includes developing services such as lending, custody, and asset issuance that operate directly on Bitcoin rails, without relying on traditional financial intermediaries.

The company plans to go public through a Special Purpose Acquisition Company (SPAC) merger with Cantor Fitzgerald’s Cantor Equity Partners, valuing the venture at $3.6 billion.

Corporate Bitcoin Holdings Shake-Up

With these transfers, Twenty One Capital has swiftly risen to become the third-largest corporate Bitcoin holder in the world. Only Strategy and MARA hold more BTC, marking a significant development in the corporate adoption of the cryptocurrency.

This move also reflects a growing institutional interest in Bitcoin as a long-term asset and financial base layer, particularly among companies focused on decentralised financial services.

Debate Over Transparency and Security

The transfers have reignited industry debate over transparency in Bitcoin holdings. At the recent Bitcoin 2025 conference in Las Vegas, Strategy’s executive chairman Michael Saylor criticised the idea of posting onchain proof-of-reserves. He argued that such transparency could pose security risks for issuers, custodians, exchanges, and investors alike.

Despite these concerns, blockchain intelligence firm Arkham claimed on May 29 that it had identified 87% of Strategy’s Bitcoin holdings onchain, signalling the challenges companies face in maintaining anonymity on public blockchains.