Yigit Taha OZTURK 
Massive transfers in the crypto world often signal more than meets the eye. In a recent high-profile move, Tether and Bitfinex transferred a staggering 37,229.69 Bitcoin—worth nearly $3.9 billion—to Twenty One Capital, a new Bitcoin-native financial platform led by Strike CEO Jack Mallers.
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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