Tether and Bitfinex moved 25,812.22 BTC to Twenty One Capital
Tether Group and Bitfinex have jointly transferred 25,812.22 BTC to support their investment in Twenty One Capital, a newly formed Bitcoin-native company that plans to become public through a business combination with Cantor Equity Partners, listed on Nasdaq under the ticker CEP.
According to the announcement, Tether sent 14,000 BTC to one Twenty One Capital (XXI) address and had previously transferred another 4,812.22 BTC to a separate Twenty One Capital address as part of its investment in the company. In parallel, Bitfinex transferred 7,000 BTC to another address tied to Twenty One Capital, also as part of its investment participation.
The significance of these transactions goes beyond a simple treasury transfer. They represent direct Bitcoin-denominated backing from major industry players to a company built around a Bitcoin-first identity. In practical terms, Twenty One Capital is being capitalized not only through traditional market structures, but also through large-scale on-chain BTC contributions from strategic investors.
The company aims to launch with more than 42,000 BTC
These transfers took place a little over a month after Twenty One Capital and CEP disclosed plans to raise an additional $585 million at the closing of their business combination. The financing package was structured in two parts: $385 million in convertible senior secured notes and $200 million in PIPE financing, or private investment in public equity.
The company said the proceeds are expected to be used for further Bitcoin purchases as well as general corporate purposes. That capital plan is important because it shows Twenty One Capital is not positioning Bitcoin as a side allocation or branding exercise. Instead, BTC is being embedded directly into the company’s balance sheet strategy, capital formation, and public-market narrative.
Once the transaction is finalized, Twenty One Capital expects to launch with holdings of more than 42,000 BTC. If achieved, that would place it as the third-largest Bitcoin treasury in the world. In an environment where more public companies are adopting Bitcoin as a reserve asset, that projected scale would immediately make Twenty One Capital one of the most closely watched names in the Bitcoin treasury category.
Jack Mallers says Twenty One wants to build a new market
Jack Mallers, co-founder and CEO of Twenty One, described the company in explicitly monetary terms. He said markets need reliable money in order to measure value correctly and allocate capital efficiently. In his view, Bitcoin is the answer to that problem, and Twenty One is the mechanism through which that answer can be brought into public markets.
Mallers said the company’s mission is simple: to become the most successful company in Bitcoin and to pursue what he called the most valuable financial opportunity of the current era. He added that Twenty One is not trying to beat the market, but to build a new one. His framing was especially notable because it casts the company less as a standard operating business and more as a public-market vehicle shaped by Bitcoiners and intended for Bitcoiners.
That distinction matters. Instead of presenting a conventional growth-company story, Twenty One appears to be positioning itself at the intersection of Bitcoin treasury strategy, capital markets access, and investor identity. Its pitch is not merely that it owns BTC, but that it can become a public-market expression of Bitcoin-native finance.
Strike’s new Bitcoin-backed lending platform expands the broader strategy
The timing of this announcement also matters because it came only days after Mallers unveiled a new Bitcoin-backed lending platform at the 2025 Bitcoin Conference in Las Vegas through Strike. The system is designed to let clients borrow against their Bitcoin holdings rather than sell them, extending BTC’s role beyond reserve storage into collateralized finance.
According to Mallers, the platform will offer interest rates between 9% and 13%, while loan sizes will range from $10,000 to $1 billion. That spread suggests Strike is targeting a broad market, from smaller sophisticated borrowers to institutions and very large capital users. It also signals an effort to make Bitcoin a more accepted form of high-value collateral within formal lending frameworks.
Bitcoin-backed lending is not a new concept in crypto, but the context here is different. Mallers is simultaneously advancing a public company built around BTC accumulation and a lending platform that treats Bitcoin as financeable collateral. Together, those moves reinforce a single message: Bitcoin can function not just as an asset to hold, but as a base layer for corporate treasury design, public-market products, and credit formation.
Mallers pushes back on the idea that Bitcoin is uniquely volatile
Mallers also addressed one of the most common criticisms of Bitcoin: that it is excessively risky and volatile. He argued that many professional economists continue to frame Bitcoin in those terms, but that such a view does not hold up when BTC is compared against major public equities on a one-year volatility basis.
In his words, Bitcoin is only a little more volatile than Apple, while being far less volatile than Tesla. The point of that comparison is not that Bitcoin is low-volatility in an absolute sense, but that it may be less exceptional than critics suggest when measured alongside other widely accepted risk assets.
That argument supports the broader institutional case being made by Mallers and Twenty One Capital. If Bitcoin’s volatility can be contextualized rather than exaggerated, then its use as a treasury reserve, a collateral asset, and a public-market anchor becomes easier to defend. The article closes with one of Mallers’ characteristic lines: “Life is short. Take the trip, but with bitcoin you just get to take a better one.” While informal, the quote captures the branding style behind his public messaging and the culture-first framing that often surrounds Bitcoin-native ventures.