Tether CEO Paolo Ardoino revealed that the company has allocated as much as 10,500 BTC to support SoftBank’s investment into the Bitcoin-focused firm Twenty One Capital.
In a recent post, Ardoino shared a recent transaction block from Mempool that showed 10,500 BTC (BTC) has been sent to a known address. The large chunk of Bitcoin is currently worth a total of $1.1 billion according to current market prices.
Ardoino stated that the BTC allocation made by the stablecoin-issuing firm is part of its initiative to support Japanese holding firm SoftBank’s investment into Twenty One Capital or XXI. He also revealed the receiving address and how much its balance was as of June 3.
“Tether Group is moving 10,500 BTC to address bc1qpzt4m58zzqgp84ktyuj5tz8g8k8ssg2g2d5eeerwhx4gxulqq5mqjzm5gc as part of the pre-funding of SoftBank’s investment in Twenty One Capital (XXI),” said Ardoino in his post.
Not long after the SoftBank allocation, the company then moved another 917.47 BTC to a different address that is linked to pre-funding for Twenty One Capital. Ardoino said the allocation is part of the option for convert investors into Twenty One Capital.
According to current market prices, Bitcoin has dipped slightly by 0.2% in the past 24 hours. The largest cryptocurrency by market cap is currently trading hands $105,241. Bitcoin’s market cap stands at $2.09 trillion, declining by 0.14%.
A day prior to the SoftBank investment, Tether (USDT) Group alongside Bitifinex also invested into Twenty One Capital. The joint investment amounted to 25,812 BTC or equal to approximately $2.7 billion, which was sent to a new address that was linked to Twenty One Capital.
Twenty One Capital is a Bitcoin Treasury firm that is being launched by Cantor Fitzgerald’s Chairman Brandon Lutnick. It is also owned by iFinex and Tether, and will be led by Strike CEO Jack Mallers.
As previously reported crypto.news, Twenty One Capital intends to launch with more than than 42,000 BTC in its Bitcoin Treasury. Twenty One Capitol will be listed on Nasdaq through a SPAC merger with Cantor Equity Partners under ticker XXI.
