Tether moves $3.9B in BTC to back Twenty One Capital
Tether transferred a total of 37,229.69 Bitcoin, valued at approximately $3.9 billion, to addresses associated with Twenty One Capital, a Bitcoin-native financial platform led by Jack Mallers. On June 3, Tether CEO Paolo Ardoino announced two significant transfers totaling 11,417 BTC ($1.2 billion), including a 10,500 BTC transfer linked to SoftBank's investment in Twenty One and a 917 BTC transfer to equity investors. The largest transfer occurred the previous day, with three transactions totaling 25,812 BTC ($2.7 billion), including a 7,000 BTC transfer from Bitfinex and a 14,000 BTC transfer from Tether. Twenty One Capital aims to create Bitcoin-native capital markets and plans to go public via a SPAC merger, valuing the company at $3.6 billion. It is currently the third-largest corporate Bitcoin holder globally. The article also discusses differing views on transparency in the crypto industry, particularly regarding proof-of-reserves.
