$730M in BTC Withdrawn from Bitfinex. What’s Happening?

Earlier this Monday, 7,000 Bitcoins (roughly $730 million at current prices) were withdrawn from Bitfinex.

The transaction represents Bitfinex’s investment in Bitcoin treasury firm Twenty One Capital, according to CEO Paolo Ardoino.

In April, it was reported that Tether, Bitfinex, and Cantor Fitzgerald joined forces with Japanese investment behemoth Softbank in order to launch the $3.6 billion Bitcoin investment firm.

Tether previously purchased nearly $460 million worth of Bitcoin for Twenty One Capital in May.

The company, which positions itself as a “pure play Bitcoin business,” is spearheaded by Strike CEO Jack Mallers.

During a May interview, he clarified that Strike and Twenty One Capital he clarified that Strike and Twenty One Capital are entirely different companies. “They don’t share anything in Bitcoin apart from an interest in Bitcoin changing the world,” Mallers stressed.

Twenty One Capital initially plans to manage a whopping 42,000 Bitcoins ($4.4 billion at current prices). This would make the company the third-largest corporate holder of the leading cryptocurrency right from the get-go.

The recently announced company intends to go public via a SPAC structure.

Mallers previously told Bloomberg that Strike and Tether were inspired by Strategy co-founder Michael Saylor acquiring Bitcoin. Then, this inspiration turned into an opportunity.

“We feel like we can bring enough capital and be big enough to win. We are small enough to grow,” he stated.

He has also stressed that this is a pure Bitcoin business, which would set Twenty One Capital apart from other companies pivoting to cryptocurrency from other areas.