A recent transfer of 10,500 bitcoins has caught attention in the crypto space. This event is part of the formation of a new institutional fund called Twenty One Capital.
Details of the Bitcoin Transfer
Earlier today, a major transaction worth over $1.1 billion was carried out. Tether's CEO, Paolo Ardoino, clarified that this transfer was part of the pre-funding for a new fund.
Information about Twenty One Capital Fund
Twenty One Capital is a new fund focused on holding Bitcoin as its base asset. The fund does not involve speculation, aiming to preserve the value of BTC while expanding into equities and debt markets. Its strategy is similar to that of MicroStrategy but is launching ahead of any IPO and already has significant backing.
Impact on the Cryptocurrency Market
Strong backing from Tether, Bitfinex, and SoftBank adds credibility to the fund in the financial market. The amount Tether allocates to the project stands at $1.5 billion in Bitcoin, highlighting Bitcoin's growing role in institutional finance. However, it is noteworthy that the fee for the transfer was just $2, marking an exceptionally low rate.
The transaction and the creation of Twenty One Capital signify the increasing interest and support for Bitcoin from institutional investors, opening new horizons for cryptocurrency-based financial products.
