Tether Just Made Twenty One Capital a Bitcoin Powerhouse

$3.9 billion worth of Bitcoin didn’t just disappear into cold storage. It went straight into Jack Mallers’ hands — or more precisely, his new venture, Twenty One Capital. In just a few days, the platform has gone from under-the-radar to the third-largest corporate holder of Bitcoin globally, now trailing only Strategy (MSTR) and MARA Holdings (MARA).

Tether, alongside its sister firm Bitfinex, moved 37,229 BTC across several tracked transactions. Tether’s CEO Paolo Ardoino confirmed the activity in real-time, documenting the flow on-chain. Some of the Bitcoin was designated for SoftBank’s investment in the venture; the rest supported convertible equity agreements. This wasn’t just about stacking sats — it was about cementing a new financial architecture with Bitcoin as the foundation.

Build the Future on Bitcoin Rails

Twenty One Capital, helmed by Strike founder Mallers, isn’t trying to be just another crypto company. It’s aiming to rebuild capital markets infrastructure entirely on Bitcoin rails. Lending, custody, asset issuance — all native to Bitcoin. That’s the pitch. And now, with $3.9 billion backing it and a planned SPAC merger with Cantor Fitzgerald’s Cantor Equity Partners, the runway is wide open. The company is already valued at $3.6 billion before a single product goes mainstream.

Back Bitcoin as Infrastructure, Not Just an Asset

What makes this move more than just another institutional play is its intent: Tether and Bitfinex aren’t simply investing in Bitcoin as an asset — they’re backing a future where Bitcoin becomes the infrastructure for financial markets.

This shift away from proof-of-stake chains and hybrid models toward pure Bitcoin rails could show that major crypto players are starting to move their money away from speculative tokens and into building real financial systems directly on Bitcoin.

While Strategy’s Michael Saylor stands firm against on-chain proof-of-reserves, citing security risks, Mallers and company are moving billions in full view. Transparency isn’t optional — it’s the foundation.

Bitcoin Isn’t Just a Store of Value

The implications ripple far wider than a single firm’s wallet size. With these transactions, Twenty One Capital is positioning itself as the institutional layer Bitcoin has long lacked. It’s a rebuttal to the notion that serious financial infrastructure can’t be built on Bitcoin. And it’s a declaration that Bitcoin isn’t just a store of value — it’s the backbone of the next financial system.

This also sets up a showdown of philosophies. While some players hoard BTC and keep their moves private, Mallers is building a fortress in the open. The capital is public. The intent is aggressive. And the message is clear: Bitcoin doesn’t need Wall Street’s blessing. It needs builders who speak its language.

At the time of writing, Bitcoin is sitting at $106,649.65.