Bitcoin infrastructure firm Twenty One, led by Strike CEO Jack Mallers, launched its Proof of Reserves (PoR) protocol. The vault revealed over 42,000 BTC held across five public addresses.

The disclosure, intended to provide transparency to investors and the broader crypto community, includes contributions from major players like Tether, Bitfinex, and SoftBank.

Twenty One Capital Reveals On-Chain PoR Backed by Tether, Bitfinex, and SoftBank

According to Mallers, the breakdown of holdings includes 14,000 BTC from Tether, 7,000 BTC from Bitfinex, and an additional 10,500 BTC from Tether on behalf of SoftBank. The remainder stems from a recent funding round of $100 million in convertible bonds, which contributed over 5,700 BTC to the vault.

The announcement comes as wallet transparency becomes a growing issue among institutional Bitcoin holders.

While some praise Twenty One Capital’s move as a step forward for crypto finance, others are skeptical. Among them is Jacob King, CEO of WhaleWire, who criticized the reveal.

“99.99% of it [was] sent to them by… Tether and Bitfinex. This market is all fake. Anyone who can’t see that is lying to themselves,” wrote King.

King’s comment suggests market manipulation due to their significant influence on Bitcoin’s price movements. Specifically, reports correlated Tether minting and Bitcoin price increases during market downturns.

Still, many see the move setting a new standard for Bitcoin treasury companies.

“I like it. Pressure is on Saylor!” chimed Dr. Julian Hosp.  

Hosp refers to Michael Saylor, executive chairman of MicroStrategy (now Strategy), who has consistently resisted disclosing his company’s wallet addresses. Saylor defended his stance, arguing that revealing wallets is a security risk.

“The current conventional way to publish proof-of-reserves is an insecure proof-of-reserves. No institutional-grade or enterprise security analyst would think that publishing wallets is a great idea,” he said previously.

However, Arkham Intelligence recently exposed MicroStrategy’s wallet addresses anyway, drawing both applause for transparency and concern over potential market impact.

Specifically, the move led to fears of a sell-off, as speculators tracked MicroStrategy’s wallets more closely than ever.

Trump Media Files $2.3 Billion Bitcoin Vault Plan with SEC in Major Treasury Push

While the debate over wallet transparency rages on, another heavyweight is making headlines with a Bitcoin treasury move of its own.

Trump Media & Technology Group (TMTG), the parent company of Truth Social and Truth+, has filed a major registration document with the US Securities and Exchange Commission (SEC). TMTG revealed a $2.3 billion Bitcoin vault financing deal involving roughly 50 investors.

The S-3 registration statement outlines TMTG’s intention to use the funds to establish a corporate Bitcoin treasury and support broader operational goals.

The filing also registers approximately 56 million shares and 29 million shares underlying convertible notes for resale. This indicates a strong push toward capital market flexibility.

In a press release, Trump Media said the move was one of the largest Bitcoin treasury deals ever made by a public company.

“These activities will provide the Company with the capital, assets, independence, flexibility, and security we need to fulfill our goals of rapid expansion,” read an excerpt in the press release, citing CEO Devin Nunes.

The registration also includes a universal shelf that will allow TMTG to issue additional securities in the future. This could go toward funding mergers, acquisitions, or an at-the-market offering.

The move aligns with the company’s broader strategy to attract users and capital to what it calls the “patriot economy.” This is despite TMTG having no immediate plans to issue new securities under the shelf.

As traditional institutions and political players adopt Bitcoin treasuries, the call for transparency and accountability will only grow louder.

Whether through public vaults like Twenty One’s or financial filings like TMTG’s, Bitcoin is steadily cementing its role in capital markets.

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