Simply put
- Tether’s CEO, Paolo Ardoino, announced that the stablecoin firm transferred approximately 25,812 Bitcoin in a recent arrangement with Twenty One Capital.
- This transaction was anticipated following a statement made by Jack Mallers, the CEO of Twenty One Capital.
- The stock of CEP experienced a 7% increase, reaching $43 on Monday.
Tether CEO Paolo Ardoino shared on Monday that the stablecoin company moved 25,812 Bitcoin as part of its discussions with Twenty One Capital. This is a new address dedicated to the Bitcoin Treasury Company, which also involves crypto exchange Bitfinex and major financial players like Cantor Fitzgerald and SoftBank.
Ardoino, who is also the Chief Technology Officer at Bitfinex, posted on social media that Tether had moved these assets “as part of his first convert/stopping salary increases in 21 capital.”
The current valuation of Bitcoin, based on its nearly $105,000 asset value, is about $2.7 billion.
Jack Mallers, CEO of Twenty One Capital and founder of the parent company ZAP, previously stated on X that the Bitcoin Treasury company will focus on proof of booking. He also shared a link to a digital wallet holding Bitcoin, emphasizing a commitment to transparency.
Mallers noted that he and Tether, along with Bitfinex, would disclose their addresses in the upcoming week, suggesting that the crypto exchange and stablecoin issuer are contributing Bitcoin to 21 Capital. Additionally, he mentioned an “extra contribution from Tether on behalf of SoftBank.”
Details around the movement of 31,500 Bitcoin were shared, with 10,500 attributed to Tether on SoftBank’s behalf. However, Ardoino’s announcement was lower than the total amount of Bitcoin that had been transferred.
The Twenty One Capital entity is set to list on Nasdaq following a merger with Cantor Equity Partners (CEP) and will use ticker XXI. The CEP stock rose by 7% to $43 on Monday, and shortly after its debut, the shares hit $59.75.
Similar to other companies involved in Bitcoin treasury strategies, Twenty One Capital intends to acquire more Bitcoin than they finance through corporate debt—a method already utilized by firms like MicroStrategy.
Mallers mentioned that the company plans to sell $100 million worth of convertible notes to investors, which could later be converted to stocks under specific conditions.
He also indicated that there will be a wallet address for Bitcoin that the firm aims to acquire through revenue generated from Twenty One Capital’s convertible note offering.
