Key Takeaways
- Tether and Bitfinex have transferred 21,000 BTC to Twenty One Capital.
- The stablecoin company had prefunded 4,812 BTC for an upcoming convertible equity raise.
- The venture is progressing toward a SPAC merger with Cantor Equity Partners, but SoftBank’s contribution and regulatory clearance remain pending.
Tether and Bitfinex have transferred 21,000 BTC, more than $2 billion worth, to 21 Capital, as the Bitcoin-focused firm inches closer to a public debut via SPAC merger.
The move is a key milestone for the high-profile venture backed by Strike CEO Jack Mallers and Cantor Fitzgerald.
It also signals progress in closing a complex funding round that includes backing from SoftBank, Tether, and Bitfinex.
Final Transfers Locked In
According to Tether CEO Paolo Ardoino, the 21,000 BTC transfer was split between Tether Group (14,000 BTC) and Bitfinex (7,000 BTC).
Tether also prefunded 4,812 BTC for a separate raise through convertible equity.
According to an SEC filing on May 13, 21 Capital acquired the assets at an average price of $95,319 per BTC.
The capital will help fund the venture’s Bitcoin-backed financial products, designed to appeal to institutional investors looking for direct exposure to BTC via regulated offerings.
Still Waiting on SoftBank
While the Bitcoin transfer puts 21 Capital closer to completing its PIPE (private investment in public equity) deal, some major pieces are still pending.
SoftBank’s planned $900 million contribution has yet to be finalized on-chain, and regulatory approvals are still in progress.
The firm has already raised $685 million to date, including $100 million through convertible notes this quarter.
The full raise aims to reach over $3.5 billion, with additional rounds expected to top up reserves.
Custody of the transferred Bitcoin (BTC) is split between Anchorage Digital and Copper, both regulated crypto custodians with institutional coverage.
A Big Bet on 21 Capital
21 Capital is shaping up to be one of the largest Bitcoin-native entities targeting traditional finance.
With backing from Tether, Bitfinex, Cantor, and SoftBank, the project aims to offer Wall Street a direct route to Bitcoin exposure through structured products and long-term holdings.
The SPAC merger with Cantor Equity Partners is still in the works. Once finalized, it would take the venture public, opening the door to broader institutional access.
If SoftBank follows through and regulatory clearance is granted, 21 Capital could mark a new chapter in how Bitcoin capital markets operate.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
