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- Tether and Bitfinex transferred over 25,000 BTC to support Jack Mallers’ new investment firm, 21 Capital.
- 21 Capital aims to accumulate 42,000 BTC and plans to list on Nasdaq under the symbol “XXI.”
Tether and Bitfinex officially transferred a total of 25,812.22 BTC to a new investment firm called 21 Capital. The name Jack Mallers, CEO of Strike, immediately came to mind because he was behind the company’s founding. Of that amount, 14,000 BTC were sent by Tether, 7,000 BTC from Bitfinex, and the rest were initial funds that Tether had already sent in mid-May.
Tether Group had moved 4812.22029710 BTC to address bc1qzup4k7zn9jur7a8kz0dnaernzyf60h8ez6s9cpmp23wfw5djhvusd4p0v3 as part of the pre-funding of the initial convert/equity raise in Twenty One Capital (XXI)https://t.co/SqhVRzq3k9
— Paolo Ardoino 🤖 (@paoloardoino) June 2, 2025
21 Capital Sets Bold Goal to Rival Bitcoin Giants
21 Capital itself is no small firm. The company was formed through a merger with a SPAC called Cantor Equity Partners, and will soon be listed on the Nasdaq with the code “XXI.” Their target? Collecting more than 42,000 BTC. If that is achieved, they will enter the ranks of the largest Bitcoin owners in the world. The model is also quite aggressive: buy as much Bitcoin as possible and fund it with bonds and stocks. If it looks similar to MicroStrategy, it is.
What makes this move even more exciting is that it’s not just Tether and Bitfinex that are taking part. SoftBank is also reportedly going to contribute around $900 million in BTC to this firm. And that’s not including the planned issuance of $550 million in convertible bonds that will be used to purchase additional Bitcoin.
Tether Expands Beyond Crypto With AI, Gold, and Commodities
On the other hand, CNF previously also revealed that Tether is building an AI platform called QVAC. The difference is, QVAC does not rely on the cloud, but instead runs directly on the user’s device—and supports Bitcoin and USDT transactions. That way, AI agents can perform tasks such as payments or translations locally and privately. Sounds like the future has come faster, right?
However, not all of Tether’s steps have gone smoothly. Paolo Ardoino, CEO of Tether, had said that his company was banned from participating in the latest funding round of the Juventus football club, even though they had increased their investment. It is unclear what the reason for the rejection was, but it is clear that the relationship between the two is not good.
Furthermore, Tether also recently announced the launch of XAUT0—an omnichain version of the gold stablecoin XAUT—on The Open Network (TON).
The token allows transfers between blockchains without the need for wrapping or additional intermediaries, thanks to the LayerZero standard. This means that millions of Telegram users can now access XAUT0 directly through the app’s built-in wallet. In a way, the gold stablecoin is now just a step away from anyone’s phone screen.
No less surprising, last month Tether also acquired 70% of Adecoagro, an agriculture and energy company operating in Latin America. The company’s direction also appears to be shifting into the real world—literally.
Through this acquisition, Tether wants to integrate the use of USDT in trading commodities such as rice and bioethanol. Ardoino even said that commodity trading will be the main driver of USDT’s growth in the next five years.