$92 Million Raise and Strategic BTC Purchase

Ahead of its relisting, BTCT completed a brokered funding round, raising CA$125 million (around $92 million USD) in gross proceeds. During the offering, the company issued 426,650 shares at CA$10 (approximately $7.32 USD) per share.

A portion of the capital was allocated to buy Bitcoin. In total, BTCT purchased 292.8 BTC, valued at around $31.5 million.

This move marks the firm’s first major step in executing its Bitcoin-focused accumulation and institutional lending strategy.

BTCT Shares to Trade Again

BTCT announced that its common shares will begin trading freely under the ticker “BTCT” starting Monday. Over 10 million shares are currently issued and outstanding in the market.

The newly issued shares are subject to a holding period of four months and one day, in accordance with Canadian securities laws.

A Liquidity Model Backed by Bitcoin

BTCT plans to leverage its Bitcoin reserves to provide liquidity solutions for its clients. After the accumulation phase, the firm also intends to publish its Bitcoin-per-share metric, giving investors a more transparent view of the asset value backing each share.

This approach reflects a growing trend in institutional crypto strategy—using Bitcoin not just as a speculative asset, but as a tool for lending, liquidity, and capital efficiency.

Long-Term Holders Are Stacking BTC

BTCT’s recent Bitcoin purchase aligns with broader market behavior. According to data from CryptoQuant, long-term holders—wallets that have held BTC for six months or more—have significantly increased their holdings.

The supply held by these long-term investors surged by 800,000 BTC in the last 30 days, setting a new accumulation record.

Analysts note that this is a strong signal from market participants, one that could influence both retail and institutional trading strategies moving forward.

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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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