According to on-chain data, the leading cryptocurrency exchange, Bitfinex, has transferred 7,000 Bitcoins to Jack Mallers’ Twenty One Capital, worth $731 million. Furthermore, Tether has also transferred 18,812 Bitcoins to Twenty One Capital, which are currently worth around $2 billion.
Twenty One Capital is a buzzing Bitcoin-native company, which is slated to go public through a business collaboration with Cantor Equity Partners.
The cryptocurrency market is passing through turbulence due to the heightening tensions between Russia and Ukraine after Ukraine launched a deadly attack on Russian airbases, claiming to have destroyed 40 aircraft.
At the time of writing, the biggest cryptocurrency has dropped below $104,000 with a 1.94% plunge.
Bitfinex and Tether Raise Support For Jack Mallers’ Crypto Venture
According to some market experts, this transaction sounds like a strong institutional signal, which is likely OTC to avoid slippage and stack long-term reserves.
To maintain transparency and credibility, Jack Mallers also announced a Proof of Reserve for the company, which will allow people to verify its Bitcoin treasury holdings.
This huge transfer comes after Twenty One Capital decided to go for the option to purchase an additional $100 million of convertible senior secured notes. This move will boost the Bitcoin treasury company’s total funding to $585 million.
“Markets need reliable money to measure value and allocate capital efficiently,” Jack Mallers, Co-Founder and CEO of Twenty One, said. “We believe that Bitcoin is the answer, and Twenty One is how we bring that answer to public markets. Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time. We’re not here to beat the market, we’re here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners.”
“Bitcoin is one of the only truly decentralized, immutable, and censorship-resistant assets, and its role as the foundation of a new financial system is inevitable,” said Paolo Ardoino, CEO of Tether. “With Jack at the helm, we are proud to support this effort to further Bitcoin’s adoption and reinforce its role as the ultimate store of value.
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