tl;dr
Earlier today, 10,500 BTC worth over $1.1 billion was moved from Bitfinex's hot wallet as part of pre-funding for SoftBank's investment in Twenty One Capital (XXI). In the past 48 hours, a total of about 37,229 BTC (nearly $4 billion) has been transferred to new wallets linked to the same project. T...
Bitfinex has moved 10,500 BTC worth over $1.1 billion as pre-funding for SoftBank's investment in Twenty One Capital (XXI). Over the past 48 hours, approximately 37,229 BTC (nearly $4 billion) has been transferred to new wallets linked to Twenty One Capital.
Twenty One Capital aims to preserve capital in Bitcoin while scaling into equity and debt markets with institutional support. The fund is primarily backed by Tether, Bitfinex, and SoftBank, with Cantor Fitzgerald supporting capital formation. The financial commitments include $1.5 billion in BTC from Tether, $900 million from SoftBank, and $600 million from Bitfinex, with an additional $550 million expected from convertible debt and private placements.
The recent 10,500 BTC transaction from Bitfinex's hot wallet marked a significant move in the build-up to SoftBank's involvement. Other large transfers within the last two days—14,000 BTC, 4,812 BTC, 7,000 BTC, and 917 BTC—have been directed to wallets associated with the same project, emphasizing the scale and seriousness of the fund's capital aggregation effort.
Twenty One Capital is a Bitcoin-focused investment fund introduced in April with a distinct objective: to hold and preserve capital in BTC rather than engage in speculation. Its strategy involves using Bitcoin as a base layer to expand into equity and debt markets, backed by major players and institutional support from inception.
The fund’s leadership, including Brandon Lutnick, alongside support from Cantor Fitzgerald, exemplifies a sophisticated approach to capital formation. This dynamic collaboration between crypto giants and traditional finance institutions highlights an evolving landscape where Bitcoin investment strategies increasingly intersect with conventional markets.