Tether Moves $3.9 Billion in BTC for Jack Mallers’ ‘Twenty One’ NYSE Launch

A significant transfer of 43,033 BTC amounting to $3.9 billion was flagged by Whale Alert, marking a major milestone for Twenty One (XXI). This Bitcoin-focused company, led by Jack Mallers, is preparing for its public listing on the NYSE on December 9. This transfer is intended as settlement capital rather than a sell-off, indicating the start of a new chapter for the organization.

Key Takeaways

A transfer of 43,033 BTC was confirmed, valued at $3.9 billion.
This transfer is settlement capital for the upcoming NYSE debut of Twenty One (XXI) on December 9.
Twenty One is merging with Cantor Equity Partners, entering the market with substantial Bitcoin holdings.
Tether and Bitfinex are the majority owners of Twenty One, having facilitated the acquisition of Bitcoin.
The market perceives this move as administrative, not indicating liquidation or panic selling.

Tether BTC Transfer

Understanding the Transaction

This remarkable Bitcoin transfer, noted by Whale Alert on Sunday, signifies more than just a movement of funds; it serves as the settlement capital for Twenty One (XXI), a Bitcoin-centric firm led by CEO Jack Mallers that is set to go public on the NYSE on December 9.

The transaction, confirmed on-chain, reflects the release of funds from escrow into the company’s custody as they prepare for their official market entry.

Tether and the ‘Twenty One’ NYSE Listing

Twenty One is entering the public arena through a merger with Cantor Equity Partners, a special purpose acquisition company (SPAC) tied to Cantor Fitzgerald. On launch, the company will boast approximately 43,500 BTC, ensuring its status as a premier corporate holder alongside established players like MicroStrategy and MARA Holdings.

Notably, Tether and Bitfinex are significant stakeholders, having previously purchased the Bitcoin to sell to Twenty One at cost upon the deal's closure. Additionally, SoftBank is involved as a minority investor.

In response to potential liquidity concerns, CEO Jack Mallers swiftly reassured stakeholders: “Over 43,500 Bitcoin out of escrow and into our custody,” he stated on X, adding that a proof of reserves update would follow. Tether CEO Paolo Ardoino simply remarked, “XXI, so it begins.”

Following this major transfer, Bitcoin remained steady at $92,100, with the market interpreting the on-chain activity as administrative rather than a sign of liquidation.

The Institutional Perspective

This transfer marks the operational launch of a new competitor to MicroStrategy's treasury strategy but comes with its unique approach. Unlike MicroStrategy's strategy of accumulating Bitcoin through debt financing, Twenty One enters the NYSE with its Bitcoin fully funded through the Tether and Bitfinex liquidity channels.

Cantor Fitzgerald's involvement, led by known crypto advocate CEO Howard Lutnick, demonstrates significant institutional backing. Analysts predict that XXI may be positioned to trade as a high-beta spot Bitcoin proxy, potentially reducing the premium on MicroStrategy if the market finds Mallers’ transparency through proof-of-reserve to be more appealing.