XXI capital has bought a huge chunk of bitcoin again but this time, they bought it directly from Tether. Tether bought the bitcoin and sold it to XXI capital. The bitcoin worth $458.7M was transferred to XXI capital wallet, saying this purchase is just the beginning of the iceberg.
This is the first tranche of the PIPE financing of XXI Capital.
I guess those bitcoin were bought by Tether a long time ago, and were part of their bitcoin fund, so no immediate price impact.
Tether will contribute to XXI Capital with those bitcoins, and in exchange will obtain a capital share of the newco.