Bitcoin infrastructure company Twenty One, founded by Strike CEO Jack Mallers, has officially launched its Proof of Reserves (PoR) protocol. The newly unveiled vault disclosed over 42,000 BTC stored across five public addresses. The disclosure aims to offer greater transparency to investors and the wider crypto community, and involves significant contributions from prominent entities such as Tether, Bitfinex, and SoftBank.

According to Mallers, the breakdown of the holdings consists of 14,000 BTC from Tether, 7,000 BTC from Bitfinex, and an additional 10,500 BTC from Tether on behalf of SoftBank. The remaining portion stems from a recent funding round totaling $100 million in convertible bonds, which contributed over 5,700 BTC to the vault. This announcement arrives amid increasing concerns about wallet transparency among institutional Bitcoin holders.

While some industry participants view Twenty One Capital's initiative as a progressive step for crypto finance, skepticism remains. Jacob King, CEO of WhaleWire, expressed criticism of the disclosure. King suggested possible market manipulation due to the substantial influence these entities hold over Bitcoin price movements. Reports have indicated correlations between Tether minting activities and Bitcoin price increases during market downturns.

Nevertheless, many consider this move a benchmark for Bitcoin treasury firms. Hosp, referring to Michael Saylor, the executive chairman of MicroStrategy (renamed Strategy), has consistently declined to disclose his company's wallet addresses. Saylor justified his position by stating that revealing wallet information poses a security risk. However, Arkham Intelligence recently disclosed MicroStrategy’s wallet addresses, garnering both praise for transparency and concerns regarding potential market impacts. The move heightened fears of a sell-off, as speculators intensified their monitoring of MicroStrategy’s wallets.

As the discourse around wallet transparency continues, another influential entity is making headlines with its own Bitcoin treasury strategy. Trump Media & Technology Group (TMTG), the parent company of Truth Social and Truth , has submitted a significant registration document with the U.S. Securities and Exchange Commission (SEC). TMTG announced a $2.3 billion Bitcoin vault financing deal involving approximately 50 investors.

The S-3 registration statement details TMTG’s intent to utilize the funds to create a corporate Bitcoin treasury and support broader operational objectives. The filing also registers around 56 million shares and 29 million shares linked to convertible notes for resale, indicating a strong emphasis on capital market adaptability.

In a press release, Trump Media stated that this transaction represents one of the largest Bitcoin treasury deals executed by a publicly traded company. The registration also incorporates a universal shelf that permits TMTG to issue additional securities in the future, potentially funding mergers, acquisitions, or at-the-market offerings. This aligns with the company’s overarching strategy to attract users and capital to what it terms the “patriot economy,” even though TMTG does not currently plan to issue new securities under the shelf.

As traditional institutions and political stakeholders embrace Bitcoin treasuries, demands for transparency and accountability are intensifying. Whether through public vaults akin to Twenty One’s or through financial filings similar to TMTG’s, Bitcoin is progressively solidifying its presence within capital markets.

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