Transfer Overview
A recent transfer of 43,033 Bitcoin, valued at approximately $3.9 billion, has been confirmed as part of the preparations for Twenty One (XXI), a Bitcoin‑native firm led by Jack Mallers, to list on the New York Stock Exchange (NYSE) on December 9. This transfer, initially flagged by Whale Alert, is not a sell‑off but rather the settlement capital for the company’s public market debut.
How the Funds Were Moved
The transaction involves the release of funds from escrow to the direct custody of Twenty One ahead of its market opening. This move is part of a broader strategy as Twenty One prepares to go public through a merger with Cantor Equity Partners, a special purpose acquisition company (SPAC) backed by Cantor Fitzgerald.
Key Players
Tether and Bitfinex, which are majority owners of Twenty One, pre‑purchased the Bitcoin to sell to the company at cost upon closing. SoftBank remains a minority investor in the venture. Jack Mallers, CEO of Twenty One, announced on social media platform X that over 43,500 Bitcoin are now in the company’s custody, with a proof‑of‑reserves update to follow soon.
Market Reaction
Following the transfer, Bitcoin’s price remained stable at around $92,100, indicating that the market correctly interpreted the move as administrative rather than a liquidation event. This stability suggests confidence in the market about the nature of the transaction.
Institutional Support
The involvement of Cantor Fitzgerald, whose CEO Howard Lutnick is known for his pro‑crypto stance, signals strong institutional support for Twenty One. Analysts expect the company to trade as a high‑beta spot Bitcoin proxy, potentially impacting the premium on MicroStrategy’s stock if investors view Mallers’ proof‑of‑reserve model as a superior transparency standard.
Significance
This development marks a significant milestone for Twenty One and underscores the growing intersection of traditional finance and cryptocurrency. As the company prepares for its NYSE debut, all eyes will be on how it performs and what this means for the broader crypto market.
