The transfer instantly propelled Twenty One to the position of the world’s third-largest corporate Bitcoin holder, behind only Strategy (formerly MicroStrategy) and MARA Holdings.

Behind the Billions: How the Bitcoin Was Allocated

On June 3, Tether CEO Paolo Ardoino confirmed two large transactions totaling 11,417 Bitcoin. One included a 10,500 BTC transfer to an address connected to SoftBank’s investment in Twenty One Capital. The second involved 917 BTC sent to investors with equity stakes in the venture.

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An even larger move occurred the previous day: 25,812 Bitcoin were shifted in three transactions. That included 7,000 BTC from Bitfinex as direct investment, 14,000 BTC from Tether, and 4,812 BTC as pre-funding for an equity raise.

A New Kind of Bitcoin-Native Finance

Twenty One Capital aims to build Bitcoin-native infrastructure for capital markets—delivering services like lending, custody, and asset issuance directly on Bitcoin rails. The company plans to go public via a SPAC merger with Cantor Fitzgerald, valuing the company at $3.6 billion.

While this bold initiative highlights growing institutional interest in Bitcoin, it also reignites debate over transparency. At the Bitcoin 2025 conference, Strategy chairman Michael Saylor argued against onchain proof-of-reserves, citing security concerns. Meanwhile, analytics firm Arkham Intelligence claims to have identified 87% of Strategy’s Bitcoin holdings onchain.

The contrast reveals a growing divide in how major players approach visibility and risk in the evolving crypto economy.

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