- Bitfinex has withdrawn 7,000 Bitcoins, worth $730 million, to support the Bitcoin-focused firm Twenty One Capital.
- Tether previously invested $460 million in Bitcoin for the firm, reinforcing its commitment to long-term Bitcoin strategies.
- Twenty One Capital plans to manage 42,000 Bitcoins and go public via a SPAC, targeting significant corporate Bitcoin exposure.
On Monday, Bitfinex transferred 7,000 Bitcoins, valued at approximately $730 million, from its platform. This significant movement was linked to the company’s backing of the newly formed Bitcoin treasury firm, Twenty One Capital. Bitfinex CEO Paolo Ardoino confirmed the transaction represented their strategic investment in the firm.
Many well-known companies have backed Twenty One Capital, which is a focused Bitcoin business. Bitfinex, Tether, and Cantor Fitzgerald previously came together with Softbank to establish Softbank’s $3.6 billion investment project. The business intends to handle over 42,000 Bitcoins, which today have a value of around $4.4 billion
Tether’s Repeated BTC Pledges
In May, Tether supported the rise by buying $460 million of Bitcoin for Twenty One Capital. This shows that Tether has been getting more active in the Bitcoin space which suggests corporate institutions are interested. Such maneuvers are part of a bigger effort to help the company thrive in the crypto market.
Jack Mallers, CEO of Strike, is leading Twenty One Capital. During a May interview, Mallers emphasized that despite his leadership roles, the two entities operate independently. He clarified there are no shared assets or infrastructure between the two companies, only a mutual interest in Bitcoin’s global impact.
Plans to Go Public with SPAC Route
Twenty One Capital plans to go public through a Special Purpose Acquisition Company structure. The firm’s strategy reflects inspiration drawn from Michael Saylor’s aggressive Bitcoin acquisitions at MicroStrategy. According to Mallers, this new initiative is structured to scale quickly while maintaining focus on Bitcoin only.
The transfer from Bitfinex is part of a growing wave of institutional Bitcoin investment. With substantial backing and a singular focus, Twenty One Capital is positioning itself as a key player in corporate Bitcoin holdings from the start.
