Tether Sends $4B in Bitcoin to Twenty One Capital: Is Institutional Bitcoin Just Getting Started?

As blockchain watchers dig through new transfer data, a massive story is unfolding around Jack Mallers’ Twenty One Capital. 

Over the last month, Tether and Bitfinex wallets have moved over 37,000 BTC, worth nearly $4 billion to Mallers’ firm, fueling fresh speculation about a wave of institutional Bitcoin positioning.

Tether Moves 37,229 BTC to Twenty One Capital

According to a recent chart, the movements began a month ago and continued right up until recently. The Bitcoin flowed into labeled wallets under the “TwentyOne” umbrella, suggesting planned investment allocations. 

Wallet names included “Tether convert investors,” “SoftBank investment,” “Bitfinex 7K investment,” and “PIPE,” hinting at a mix of capital inflows, funding rounds, or strategic partnerships.

The biggest transfer came from Tether’s Bitcoin Reserves, which sent 14,000 BTC, worth roughly $1.46 billion, to a wallet labeled “Tether 14K investment”. 

Hours later, Bitfinex sent 7,000 BTC to a different TwentyOne wallet. Then, in the span of just 60 minutes earlier today, Bitfinex moved another 917 BTC and 10,500 BTC to two more sub-wallets.

A month ago, Bitfinex also sent 4,812 BTC to a wallet marked “Tether PIPE,” referencing private investment into public equity. This transfer alone was worth nearly half a billion dollars.

While some observers might expect large transfers like these to land on exchanges, none of the wallets appear linked to trading platforms. 

All the BTC was sent to Twenty One Capital addresses, suggesting long-term custody, fund deployment, or internal rebalancing and not selling.

Bitcoin Magazine reacted to the data in a tweet that quickly gained traction: “JUST IN: Tether sends 37,229 Bitcoin worth almost $4 billion in total to Jack Maller's Twenty One Capital”. 

The tweet immediately stirred conversation across the crypto space, particularly people who follow institutional Bitcoin movements.

Hints about the potential collaboration of this effort are included in the chart. Nearly 11,500 BTC changed within the same hour, indicates that this is not fragmented retail activity but synchronized institutional movement. 

Tether’s direct involvement underscores that this isn’t a Bitfinex-only operation, but a larger capital plan incorporating reserve assets rather than just Bitfinex.

The move coincides with bulls searching for the next spark as the cryptocurrency hangs in a consolidation phase. Some market analysts see these wallet inflows as a sign of confidence in Bitcoin’s longer-term trajectory.

The organization of these wallets and the amount of Bitcoin involved suggest a well thought out approach, even though Twenty One Capital has not yet made an official comment regarding the transfers.

One thing is clear whether it leads to product announcements, fund launches, or deeper capital deployment into Bitcoin: Jack Mallers and his team are now holding one of the largest fresh BTC positions of 2025.