Tether and Bitfinex have moved a massive $2.7 billion worth of Bitcoin to Twenty One Capital, a new Bitcoin treasury firm set to go public on Nasdaq.
On Monday, Tether CEO Paolo Ardoino revealed that 25,812 BTC were sent to a new wallet address as part of pre-funding for Twenty One Capital’s equity raise.
Ardoino, who is also CTO of Bitfinex, shared the update on X (formerly Twitter), saying the move was “as part of the pre-funding of the initial convert/equity raise in Twenty One Capital.”
Twenty One Capital is backed by major players including Bitfinex, SoftBank, and Cantor Fitzgerald. The firm plans to use a strategy made popular by Strategy (formerly MicroStrategy), buying large amounts of Bitcoin using corporate debt.
Strike CEO Jack Mallers, who leads Twenty One Capital, said the company will show proof-of-reserves to keep things transparent. He also shared wallet addresses and noted that more would follow from Tether and Bitfinex, including an additional contribution made by Tether on behalf of SoftBank.
In total, Mallers mentioned about 31,500 BTC would be moved, including 10,500 from Tether and SoftBank. However, Ardoino’s confirmed move comes just under that figure.
Twenty One Capital will debut on Nasdaq via a SPAC merger with Cantor Equity Partners, trading under ticker symbol XXI. CEP shares jumped 7% to $43 on Monday, later peaking at $59.75.
The company also plans to raise $100 million through convertible notes, which may be converted into shares in the future and used to buy even more Bitcoin.
Also Read: Tether Now Holds 100K Bitcoin & 50 Tons of Gold: Says Ardoino
