Tether Moves $3.9B BTC for Jack Mallers’ ‘Twenty One’ NYSE Debut
An enormous 43,033 BTC switch flagged by Whale Alert Sunday is just not a sell-off—it’s the settlement capital for Twenty One (XXI), the Bitcoin-native agency led by Jack Mallers set to checklist on the NYSE December 9.
The $3.9 billion transaction, confirmed on-chain, represents the discharge of funds from escrow to the corporate’s direct custody forward of its public market open.
Tether and the ‘Twenty One’ NYSE Listing
Twenty One goes public through a merger with Cantor Equity Partners, a SPAC backed by Cantor Fitzgerald. The entity launches with a warfare chest of roughly 43,500 BTC, positioning it instantly as a top-tier company holder alongside MicroStrategy and MARA Holdings.
Tether and Bitfinex act as majority house owners, having pre-purchased the Bitcoin to promote to Twenty One at value upon closing. SoftBank stays a minority investor.
CEO, Jack Mallers, moved to preempt liquidity fears instantly.
“Over 43,500 Bitcoin out of escrow and into our custody,” Mallers wrote on X. “Proof of reserves replace to comply with.”
Tether CEO Paolo Ardoino added merely: “XXI, so it begins.”
XXI, so it begins https://t.co/pXclWXwSTi pic.twitter.com/O3SninUbSV
— Paolo Ardoino
(@paoloardoino) December 8, 2025
Bitcoin traded flat at $92,100 following the switch, shrugging off the on-chain quantity spike. The market accurately recognized the transfer as administrative somewhat than a liquidation occasion.
The Institutional Take
This switch operationalizes a brand new competitor to Strategy’s treasury model, however with a definite lineage. Unlike Saylor’s debt-financed accumulation, Twenty One enters the NYSE with its stack totally funded by the Tether/Bitfinex liquidity engine.
The involvement of Cantor Fitzgerald—whose CEO Howard Lutnick is a recognized crypto proponent—indicators deep institutional plumbing. Some analysts anticipate XXI to commerce as a high-beta spot Bitcoin proxy, doubtlessly compressing the premium on MSTR if the market views Mallers’ proof-of-reserve mannequin as a superior transparency commonplace.
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