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Twenty One Capital Moves 43,500 BTC Pre-IPO Amid $1.5 Billion Loss
- Twenty One Capital, founded by Jack Mallers, is preparing to go public in the US with an initial public offering (IPO) planned for December 9.
- The company has moved 43,500 BTC, approximately worth $4.5 billion, into an escrow wallet ahead of the IPO.
- This action has raised concerns about a potential sell-off, which may affect Bitcoin's price stability as it hovers around the $90,000 support level.
- Currently, Twenty One Capital is experiencing a $1.5 billion loss on its Bitcoin investments, prompting fears of a broader market impact.
- Jack Mallers explained that the Bitcoin transfer is part of preparations for the IPO and involves transitioning BTC from third-party custody to a self-custody account.
- The firm aims to compete with major players like Michael Saylor’s company in the Bitcoin treasury sector.
- A business merger with CEP was approved on December 3, facilitating the company's NYSE listing under the ticker "XXI."
- Twenty One Capital plans to focus on Bitcoin-related ventures, providing shareholders opportunities to gain Bitcoin exposure through equity markets.
- Amid these developments, Jack Mallers disclosed that JPMorgan Chase closed his accounts in September without explanation, citing "concerning activity" and the Bank Secrecy Act.
Authors credited by the source: Ronaldo Marquez
Published by Holder based on an external source.
