Bitcoin infrastructure company Twenty One Capital has launched a Proof Protocol led by Strike CEO Jack Mallers. They disclosed that they hold over 42,000 BTC across five Bitcoin wallets.
This disclosure is intended to provide transparency to investors and the broader cryptocurrency community, including contributions from major players like Tether, Bitfinex, and SoftBank.
Twenty One Capital Releases On-Chain Proof of Reserves with Tether, Bitfinex, and SoftBank Support
According to Mallers, the holdings include 14,000 BTC from Tether, 7,000 BTC from Bitfinex, and an additional 10,500 BTC from Tether on behalf of SoftBank. The remainder originates from a $100 million convertible bond financing round, contributing over 5,700 BTC to the Treasury.
Twenty One's Proof of Reserves is live.
— Jack Mallers (@jackmallers) June 4, 2025
Anyone in the world can now audit and verify that we own the #Bitcoin we say we do.
You can't do this with gold. #Bitcoin is the best money in human history.
At Twenty One, we are bringing #Bitcoin to the capital markets. pic.twitter.com/Ipjhjv9YpN
This announcement comes as wallet transparency becomes an increasingly important issue among institutional Bitcoin holders.
Some praise Twenty One Capital's move as a advancement in cryptocurrency finance, while others remain skeptical. Among the critics is Whale Wire CEO Jacob King, who criticized the disclosure.
"99.99% comes from Tether and Bitfinex. This market is entirely fake. Anyone who can't see this is lying to themselves," King wrote.
King's statement suggests market manipulation due to their significant influence on Bitcoin price movements, with reports linking Tether issuance to Bitcoin price increases during market downturns.
Nevertheless, many see this move as setting a new standard for Bitcoin financial companies.
"Good. Pressure is being applied to Saylor!" said Dr. Julian Hosp.
Hosp refers to MicroStrategy's board chairman Michael Saylor, who has consistently refused to disclose wallet addresses. Saylor has defended his position by claiming wallet disclosure poses security risks.
"The current standard of proof is an unsafe proof. No institutional or enterprise security analyst would think wallet disclosure is a good idea," he previously stated.
However, Arkham Intelligence recently published MicroStrategy's wallet addresses, generating praise for transparency and concerns about potential market impact.
Notably, this movement raised selling concerns, with speculators tracking MicroStrategy's wallets more closely than ever.
Trump Media Submits $2.3 Billion Bitcoin Treasury Plan to SEC... Pursuing Large-Scale Financial Move
As the wallet transparency debate continues, another major player is drawing attention with its own Bitcoin financial movement.
Trump Media & Technology Group (TMTG), parent company of Truth Social and Truth+, has submitted key registration documents to the US Securities and Exchange Commission (SEC). TMTG disclosed a $2.3 billion Bitcoin Treasury financial transaction involving approximately 50 investors.
JUST IN: TRUMP MEDIA OFFICIALLY FILES S-3 REGISTRATION FOR $2.3B BITCOIN TREASURY DEAL
— Mario Nawfal's Roundtable (@RoundtableSpace) June 5, 2025
Source: @BTCTN https://t.co/0BzCeoRHim pic.twitter.com/CqoEIjxS0h
The S-3 registration document specifies TMTG's intention to use funds to establish corporate Bitcoin Treasury and support broader operational goals.
The document also includes registration for resale of approximately 56 million shares and 29 million shares based on convertible bonds, indicating a strong push towards capital market flexibility.
In a press release, Trump Media stated this is one of the largest Bitcoin Treasury deals created by a public company.
"This activity will provide the capital, assets, independence, flexibility, and security necessary to achieve the company's goals for rapid expansion," read an excerpt from the press release quoting CEO Devin Nunes.
The registration also includes a universal shelf for potential future security issuances, which could be used for mergers and acquisitions or market public funding.
This movement aligns with a broader strategy to attract users and capital to what the company calls the "patriotic economy". This is the case despite TMTG having no immediate plans to issue new securities under the shelf.
As traditional institutions and political players adopt BTC Treasury, demands for transparency and accountability will grow even more.
Through methods such as Twenty-One's public vault or TMTG's financial reports, Bitcoin is steadily establishing its role in the capital market.
