Galaxy Research Research Director Alex Thorn recently shared an interesting observation——Tether-backed Bitcoin vault company TwentyOne has been listed on the New York Stock Exchange.



What does this mean? TwentyOne has become the third-largest publicly traded Bitcoin vault company in the market, currently holding 43,514 Bitcoins. More interestingly, all of these Bitcoins were injected by Tether.

Thorne pointed out in his analysis the overwhelming dominance of Tether in the stablecoin sector——as the world's largest stablecoin issuer, USDT's circulation has surpassed the 185 billion mark. This concentration of capital power is deeply involved in the layout of Bitcoin spot assets, reflecting ongoing institutional optimism towards on-chain physical asset allocation.
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TommyTeacher1vip
· 14h ago
Tether has started buying Bitcoin again, but this time it's directly listed for trading. Interesting!
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LiquidityWitchvip
· 12-15 13:00
Tether is back to accumulating Bitcoin again. Their move is really impressive—43,514 Bitcoin injected just like that. I don't quite understand the game of the stablecoin giants.
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AirdropDreamBreakervip
· 12-13 14:59
Tether's move is brilliant, directly using stablecoins with leverage to play Bitcoin spot trading. With a volume of 185 billion, just buy and buy... This is the power of capital.
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AirdropHermitvip
· 12-13 14:53
Tether's move is brilliant, directly stacking stablecoins to accumulate Bitcoin spot holdings... It feels like we're not far from complete monopoly.
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MemeKingNFTvip
· 12-13 14:41
Oh wow, Tether is lurking again? 43,514 BTC, is this the move to gobble up all the Bitcoin? Honestly, we've seen this coming for a long time—the invisible hand of capital... now it’s finally revealing its cards. USDT 185 billion poured in, tsk tsk, if this bottoming effort breaks, it’s going to be quite the blow.
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