Tether transfers 5,800 BTC to Twenty One Capital treasury
On July 29, investment firm Twenty One Capital announced it will receive 5,800 BTC from stablecoin issuer Tether, strengthening its position ahead of an upcoming public listing.
This significant inflow will raise the company’s total bitcoin holdings to over 43,500 BTC, making it the third-largest corporate holder of bitcoin worldwide—trailing only Marathon Digital and Strategy (formerly MicroStrategy).
At the time of publication, over 4,700 BTC had already been transferred to a Twenty One Capital wallet, boosting its assets to 43,343 BTC, worth around $5.1 billion according to blockchain data.
New metric for greater transparency
The company also plans to introduce a metric called “Bitcoin Per Share” (BPS), offering investors enhanced transparency. Unlike traditional earnings-per-share models, BPS will track the amount of bitcoin backing each fully diluted share.
Each share is expected to represent approximately 12,559 satoshis, according to company estimates.
Twenty One Capital emphasized that it has no legacy obligations and offers clean bitcoin exposure, free from the risks tied to unrelated business operations.
“Twenty One is a new kind of public company: bitcoin-native, proof-driven, and committed to building a new global financial system. We’re not here to beat the old system—we’re here to replace it,” said CEO Jack Mallers.
According to Bitcoin Treasuries data, over 100 public companies currently hold nearly 1 million BTC collectively. Analysts remain divided on the long-term risks posed by aggressive bitcoin accumulation among corporate treasuries.

Top 10 companies - largest Bitcoin owners. Source: BitcoinTreasuriesNet
Joe Consorti, Head of Growth at Theya Bitcoin, believes these companies do not pose systemic risk, noting they use conservative, reasonable leverage and remain far from achieving massive scale. He warns instead that the real danger is that they are still undervalued while “institutions are rapidly draining the supply.”
As we wrote, Bitcoin price prediction: BTC faces strong resistance as on-chain flows show selling risk
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