Tether and Bitfinex executed a significant transfer of Bitcoin worth nearly $2.7 billion to a new venture called Twenty One Capital.
Bitcoin Transfer
According to Tether CEO Paolo Ardoino, the companies transferred 25,812 Bitcoins to a new wallet as part of the pre-funding phase for the launch of Twenty One Capital. This transfer is tied to preparations for the company's launch and equity raise.
Plans of Twenty One Capital
Twenty One Capital, led by Jack Mallers, aims to create one of the largest Bitcoin treasuries in the world. The company has already raised $685 million through equity and convertible notes. It plans to sell $100 million in new convertible notes aimed at acquiring even more Bitcoin.
Transparency and Trust
To enhance trust in its project, Twenty One Capital shared a public Bitcoin wallet address containing 4,812 BTC as initial proof of reserves. Additional wallet addresses will be disclosed soon, including those associated with Tether, Bitfinex, and SoftBank.
In conclusion, Tether and Bitfinex are making a strategic move to support Twenty One Capital, emphasizing transparency to build investor trust.
