Tether Transferred 21,000 Bitcoins Worth About $2 Billion to Twenty One Capital

What is Twenty One Capital?

Twenty One Capital, founded by Jack Mallers – the founder of Strike, a payment application based on Bitcoin's Lightning network – is a company focused on accumulating Bitcoin with the goal of becoming a public investment vehicle, similar to MicroStrategy.

The company is backed by major financial institutions such as Tether, SoftBank, and Cantor Fitzgerald, and is preparing to go public through a merger with Cantor Equity Partners (CEP), a SPAC (Special Purpose Acquisition Company).

According to the announcement, Twenty One Capital is expected to launch with a Bitcoin treasury of over 42,000 BTC, making it one of the third-largest Bitcoin treasurys among publicly listed companies, behind only MicroStrategy (568,840 BTC) and MARA Holdings (48,237 BTC).

$2 billion deal last night?

On June 3, 2025, the cryptocurrency market recorded two large Bitcoin (BTC) transfers from wallets associated with Tether and Bitfinex to wallet addresses believed to belong to Twenty One Capital, a native Bitcoin investment firm founded by Jack Mallers.

In total, these two transactions moved 21,000 BTC, or more than $2.2 billion, into Twenty One Capital’s vault. This article will analyze these two transfers in detail, their financial implications, and pose open questions to explore their broader impact.

First transaction ~14,000 BTC from wallet "bc1q8-mty6q"

• Occurs on June 3, 2025, ID: "ce3d9-9831".

• Source wallet "bc1q8-mty6q" (related to Tether) transferred 14,000 BTC ($1.48 billion) to wallet "bc1q8fmp".

• Transaction Fee: 1,976 Satoshis (~2.05 USD), 4.9K Sats/vB.

• Source wallet runs out of balance after transaction; destination wallet receives 14,000 BTC.

• Meaning: Tether helps Twenty One Capital accumulate Bitcoin ahead of listing, bolstering market confidence.

Other Transactions Transfer 7,000 BTC from wallet "bc1q4-syhvl"

• Source wallet "bc1q4-syhvl" (related to Bitfinex) transferred 7,000 BTC ($738 million) to wallet "bc1q8fmp".

• Transaction Fee: 4,916 Satoshis (~5.16 USD), 4.9K Sats/vB.

• Source wallet runs out of balance after transaction; destination wallet receives additional 7,000 BTC, bringing total balance.

• Meaning: Bitfinex Increases Support for Twenty One Capital, Boosting Bitcoin Accumulation Strategy.

Impact on Twenty One Capital

The transfer of 25,812.22 BTC, equivalent to approximately $2.7 billion, is a major step in building Twenty One Capital's Bitcoin holdings.

With Bitcoin averaging around $104,000 at the time of writing, this represents a significant asset, bolstering the company’s financial position ahead of its public listing.

According to documents filed with the U.S. Securities and Exchange Commission (SEC), Twenty One Capital is valued at $3.6 billion, based on an average Bitcoin price of $84,863.57 on April 21, 2025. With the current Bitcoin price higher, the actual value of the company's Bitcoin holdings could far exceed this figure, creating significant growth potential for shareholders.

Twenty One Capital has introduced two unique performance metrics: Bitcoin Per Share (BPS) – the amount of Bitcoin represented by each fully diluted share, and Bitcoin Return Rate (BRR) – the growth rate of BPS over time.

These metrics reflect the company’s strategy of positioning itself as a Bitcoin-focused investment vehicle, rather than measuring performance using traditional financial metrics like earnings per share (EPS).

This is in line with Jack Mallers statement: “We are not here to beat the market, but to build a new market – a public stock built by Bitcoiners, for Bitcoiners.”

Conclusion and outlook

The transfer of 14,000 BTC by Tether to Twenty One Capital, along with related transactions from Bitfinex, is a major step in Jack Mallers’ strategy to build a “second MicroStrategy” in the Bitcoin space. With backing from major institutions such as Tether, SoftBank, and Cantor Fitzgerald, Twenty One Capital has the potential to become a formidable force in the cryptocurrency market. However, the company’s success will depend on its ability to manage Bitcoin price risk, maintain investor confidence, and navigate regulatory challenges related to Tether.

In the long run, this event not only solidifies Bitcoin’s role as a strategic asset but also marks the growing convergence between cryptocurrencies and traditional finance. Investors and analysts should continue to monitor Twenty One Capital’s strategy, especially the BPS and BRR metrics, to assess the effectiveness of this investment model in a volatile market environment.

Once again we give our opinion on potential projects in the crypto market. This is not investment advice, consider your portfolio. Disclaimer: The views expressed in this article are solely those of the author and do not represent the platform in any way. This article is not intended to be a guide to making investment decisions.

Compiled and analyzed by HCCVenture

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