Tether invests $3.9 billion in Bitcoin through Twenty One Capital, strengthening market position
Record Bitcoin transfers
Tether's CEO Paolo Ardoino revealed the details of the operations through social media posts on X. On June 3, the company conducted two major transfers totaling 11,417 BTC, approximately $1.2 billion. The first transfer included 10,500 BTC (about $1.1 billion) directed to an address linked to SoftBank's investment in Twenty One Capital. This operation was part of the pre-funding of the Bitcoin-oriented platform. The second transfer of 917 BTC (around $96 million) was sent to a wallet associated with convertible investors with rights to the company's stock.
On June 2, Tether conducted even larger transactions, moving 25,812 BTC amounting to about $2.7 billion in three operations. The most significant transfer involved 7,000 BTC (more than $730 million) from the Bitfinex exchange to support Twenty One Capital's activities. This was followed by transfers of 14,000 BTC from Tether and an additional 4,812.22 BTC (approximately $500 million) for funding the initial equity raise round. These operations confirm Tether's determination to harness Bitcoin's potential for creating innovative financial solutions.
Ambitious plans of Twenty One Capital
Twenty One Capital is developing a financial platform fully based on the Bitcoin blockchain. Under Jack Mallers' leadership, the company plans to launch lending, asset custody, and securities issuance services, leveraging the Bitcoin network as the foundation for all operations. The platform also announced its intention to go public through a merger with special purpose acquisition company (SPAC) Cantor Equity Partners, owned by Cantor Fitzgerald. The deal values Twenty One Capital at $3.6 billion, making it a significant player in the cryptocurrency finance market.
Thanks to Tether's investments, Twenty One Capital gained a substantial share of corporate Bitcoin reserves, second only to Strategy and MARA Holdings. This capital will likely accelerate the platform’s development and strengthen its position in providing Bitcoin-based financial solutions.
Discussions on transparency in the crypto industry
The large transactions also drew attention to transparency issues within the cryptocurrency industry. At the Bitcoin 2025 conference in Las Vegas, Strategy's Executive Chairman Michael Saylor remarked that public disclosure of proof of reserves on the blockchain creates security risks for issuers, custodians, exchanges, and investors. In his opinion, such practices decrease the overall security level for market participants.
Despite Strategy's commitment to privacy, analytics firm Arkham Intelligence reported on May 29, 2025, that it could identify 87% of Strategy's Bitcoin reserves on the blockchain. This highlights the contradictions between the need for transparency and the protection of confidential financial information within the industry.
Market impact
Tether's $3.9 billion investment in Twenty One Capital signals growing confidence in Bitcoin's role as a key asset for innovative financial platforms. This move strengthens Twenty One Capital's position and underscores Tether's strategic shift towards deeper integration with the Bitcoin ecosystem. As Twenty One Capital advances its plans to build a Bitcoin-based financial infrastructure, the industry will closely observe its impact on institutional adoption and the overall cryptocurrency market.
Analysts believe this investment could stimulate further interest from institutional investors in Bitcoin, particularly in light of the upcoming merger of Twenty One Capital with the SPAC and its public listing. However, ongoing transparency debates could affect how companies like Tether and Twenty One Capital handle regulatory and investor expectations in the future.