Tether has sent two billion in Bitcoin to Twenty One Capital

Yesterday the CEO of Tether, Paolo Ardoino, announced that Tether Group sent 14,000 BTC to an address of Twenty One Capital (XXI). 

This is a transfer with a value exceeding 1.47 billion dollars. 

Subsequently, it announced another transfer to Twenty One Capital of over 4,800 BTC, for a value exceeding 500 million dollars.

Tether Group had moved 4812.22029710 BTC to address bc1qzup4k7zn9jur7a8kz0dnaernzyf60h8ez6s9cpmp23wfw5djhvusd4p0v3 as part of the pre-funding of the initial convert/equity raise in Twenty One Capital (XXI)https://t.co/SqhVRzq3k9

— Paolo Ardoino 🤖 (@paoloardoino) June 2, 2025

Therefore, with these two transfers, Tether has sent to Twenty One Capital approximately two billion dollars in Bitcoin. 

The same Ardoino then also announced that Bitfinex sent another 7000 BTC to Twenty One Capital, for a value of about 737 million dollars. 

Tether and Twenty One Capital

On April 22, Cantor Equity Partners entered into a Combination Agreement with iFinex, Twenty One Capital, Twenty One Merger, Twenty One Assets, Tether Investments, and Stellar Beacon. The purpose of this agreement was to create a new company, called Twenty One Capital (21 Capital), with the exclusive aim of purchasing Bitcoin.

21 is the million BTC of the total supply of Bitcoin, which is the non-surpassable figure of the maximum number of Bitcoin in existence. 

iFinex is the group that includes both Tether and Bitfinex, which are therefore directly involved in Twenty One Capital. 

If the goal of this last company is to accumulate BTC, Tether and Bitfinex do nothing but contribute to this purpose, most likely by giving up some of their Bitcoin to Twenty One Capital. 

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Twenty One Capital

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On their official website, the company currently states that it already holds 31,500 BTC, making it the fifth company in the world for Bitcoin held, behind MicroStrategy, Block.one, Tether, and Marathon Digital Holdings (MARA).

In total, the company has issued just over 267 million shares, so the number of BTC per share owned is 0.00011783 (that is, 0.11 thousandths of Bitcoin, equal to 11,783 Satoshi). 

Twenty One Capital for now is not yet listed on the stock exchange, but it is expected to land on Nasdaq sooner or later. 

For example, Strategy owns 0.00207973 BTC per basic share, and 0.00185740 BTC per diluted share, therefore when they are listed on the stock exchange, the price of Twenty One Capital shares could be less than one-tenth of that of Strategy shares. 

However, Cantor Equity Partners is listed on the stock exchange, whose price soared from $11 to $60 in a few days at the end of April after the announcement of the agreement for the launch of Twenty One Capital. 

The project of Tether

On its official website, Twenty One Capital declares that it has created a new standard, called Standard XXI. 

It would be a model based on the fixed supply of Bitcoin, designed for investors, institutions, and capital allocators. 

The declared goal of the company is to lay the foundations for the future financial infrastructure, built on Bitcoin and designed to scale with it.

They claim that Bitcoin is the antithesis of the current financial system, because the latter operates on assumptions of infinite expansion, debt monetization, and systemic opacity, while Bitcoin is finite, transparent, and incorruptible. 

Twenty One does not aim to protect itself from the potential collapse of fiat currency, because it simply wants to stay out of it. 

The adoption of Bitcoin

Another purpose of the company is to promote the global adoption of Bitcoin, because according to them, this will not happen passively, but must be built. 

Twenty One was also specifically created to accelerate this transition, increasing understanding and access. 

For this reason, they will also produce modular educational content, aiming at the integration of Bitcoin’s native narrative within the financial mainstream. 

They are defined as “a media and educational force that normalizes, explains, and expands the relevance of Bitcoin in all sectors”.

Bitcoin is interpreted as a true financial infrastructure, on which it will also be possible to develop native lending models, capital market instruments, and future innovations that will replace traditional financial instruments with alternatives in line with Bitcoin. 

The role of Twenty One

The company envisions that in such a scenario, financial systems will not only interact with Bitcoin but will even originate from it.

The vision for the future of Twenty One is not to react to market cycles, but to build a future where economic output itself is denominated in Bitcoin, and where capital formation begins on a basis of absolute scarcity and where company value is not measured in earnings per share, but in Bitcoin per share. 

For this reason, they differ from traditional structures not only in terms of asset base but also in architecture. Twenty One is a native Bitcoin entity, not burdened by independent lines of business, thus being free to raise and allocate capital to pursue the accumulation of Bitcoin. 

On the official website they declare: 

“It does not offer exposure to Bitcoin, but it embodies exposure to a world restructured around it”.