In a significant step for crypto transparency, Bitcoin infrastructure firm Twenty One Capital, led by Jack Mallers (also CEO of Strike), has rolled out a new Proof of Reserves (PoR) protocol. This move allows anyone to independently verify the company’s Bitcoin holdings, setting a new benchmark for openness in the industry .
Twenty One Capital’s On-Chain Proof of Reserves: What’s New?
Twenty One Capital has publicly disclosed that it holds over 42,000 BTC across five wallet addresses. These wallets are open for anyone to audit, a rare level of transparency among major Bitcoin holders. The breakdown of these holdings is as follows:
• 14,000 BTC from Tether
• 7,000 BTC from Bitfinex
• 10,500 BTC from Tether on behalf of SoftBank
• Over 5,700 BTC from a recent $100 million funding round in convertible bonds
This initiative, supported by major players like Tether, Bitfinex, and SoftBank, positions Twenty One Capital as the third-largest corporate Bitcoin holder globally .
Why Does This Matter?
The Proof of Reserves protocol means anyone, anywhere, can verify that Twenty One Capital actually owns the Bitcoin it claims. This is a big deal in a market where trust and transparency are often questioned, especially after high-profile failures in the crypto space .
Jack Mallers emphasized that this level of openness is only possible with Bitcoin, not with traditional assets like gold. By making wallet addresses public, Twenty One Capital aims to build investor confidence and set a new industry standard for accountability .
Industry Reactions: Applause and Skepticism
The move has sparked debate. Some, like Dr. Julian Hosp, see it as a positive step that puts pressure on other big players, such as MicroStrategy’s Michael Saylor, to follow suit. Saylor, however, has argued that revealing wallet addresses poses security risks, a stance that has drawn both support and criticism .
Others, like WhaleWire CEO Jacob King, remain skeptical, pointing out that most of the Bitcoin came from Tether and Bitfinex, raising concerns about market influence and manipulation.
Trump Media’s Bold Bitcoin Treasury Plan
Meanwhile, Trump Media & Technology Group (TMTG), the parent company of Truth Social, has filed a major registration with the SEC for a $2.3 billion Bitcoin vault financing deal. The company plans to use these funds to establish a corporate Bitcoin treasury and support its broader business goals.
The filing also registers millions of shares for potential resale, signaling a push for greater capital market flexibility. TMTG’s CEO, Devin Nunes, stated that this move will provide the company with the capital, independence, and security needed for rapid expansion.
The Bigger Picture: Bitcoin in the Capital Markets
Both Twenty One Capital’s transparency push and Trump Media’s treasury move highlight a growing trend: Bitcoin is becoming a serious asset for public companies and institutional investors. As more traditional and political players enter the space, the demand for transparency and accountability is only set to increase.
Whether through public wallet disclosures or regulatory filings, Bitcoin is steadily cementing its role in the global financial system.
