US Bitcoin enterprise Twenty One CEO Jack Mallers announced five wallet addresses, declaring that the company's Bit Proof of Reserves is now online, open and transparent, and welcomes everyone to verify at any time. Mallers also mentioned that Elon Musk previously wanted to livestream the opening of US gold reserves, as the gold stored by the US Treasury has not been publicly audited for over 50 years, raising doubts about the actual existence of gold reserves. Mallers emphasized that Bit reserves are more transparent, and Twenty One is committed to bringing Bit to the capital market and Wall Street.
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ToggleTwenty One Bit Reserve Proof Now Online
The US Bit enterprise Twenty One Capital, directly invested in by the world's largest stablecoin issuer Tether, has successively purchased Bit with raised funds and transferred them to related wallets. CEO Jack Mallers announced on X that the company's Bit Proof of Reserves is now online, open and transparent, welcoming everyone to verify at any time.
Jack Mallers published five wallet addresses, matching Tether CEO Paolo Ardoino's tweet, proving that Twenty One has successively purchased Bit with raised funds and transferred them to related wallets for verification.
- 10,500 Bits purchased by Softbank through Tether
- 4,812.22029710 Bits from private investors (through private placement and convertible debt raising of $500 million)
- 917.47360612 Bits from convertible debt investors (additional $100 million raised in late May)
- 14,000 Bits directly transferred by Tether
- 7,000 Bits directly transferred by Bitfinex
Twenty One currently owns 37,229 Bits.
Gold Reserves Unaudited for 50 Years, Bit Reserves More Transparent
Previously, when Elon Musk led the Government Efficiency Department (DOGE), he expressed wanting to livestream the opening of US gold reserves. About half of the gold stored by the US Treasury is located in Knox Fort, holding 147.3 million ounces of gold. However, this gold has not been publicly audited for over 50 years. Both Musk and Kentucky Senator Rand Paul questioned whether the gold reserves actually exist, calling on the US government to increase transparency and let the public understand the true status of national assets.
(Musk wants to livestream US gold reserves opening, market value revaluation could bring $750 billion or be invested in sovereign wealth fund?)
Jack Mallers, comparing with gold, believes the greatest feature of Bit is its transparency and trustworthiness.
With "Reserve Proof" becoming an important indicator for exchanges and companies holding large amounts of Bit, this move is particularly significant. It also aligns with the continuous development of crypto, especially under the background of increasing regulatory scrutiny and investor demand for transparency. This transparency becomes even more critical after management misconduct or fraud incidents in the crypto industry.
Jack Mallers emphasized that Twenty One is committed to bringing Bit to the capital market and Wall Street.
Twenty One is currently listed on the Nasdaq exchange under the code "CEP". After the overall merger is complete, it will be listed with the trading code "XXI".
Risk Warning
Crypto investment carries high risk, with potentially extreme price volatility. You may lose all principal. Please carefully assess the risks.
As the regulatory environment gradually becomes clearer, financial giant JPMorgan is evaluating allowing high-net-worth clients to use crypto as collateral for loans related to Bit ETFs. This policy shift represents crypto assets being formally incorporated into mainstream financial institutions' asset assessment systems, also reflecting the increasingly blurred lines between traditional finance and Block chain markets.
ToggleIs JPMorgan Breaking Restrictions First? Crypto Currencies Likely to Be Included as Loan Collateral
According to Bloomberg, JPMorgan is considering allowing its clients to use their crypto assets as collateral for specific crypto ETF loans, such as BlackRock's Bitcoin Spot ETF (IBIT). This will break through the previous "case-by-case application" limitation and provide more financial flexibility for high-net-worth clients:
The bank will formally include clients' crypto currency positions when calculating their net asset value and available liquidity, making it a basis for determining loan amounts.
Crypto Assets Enter the Mainstream, JPMorgan Expands Wealth Management Territory
This new policy is part of JPMorgan's comprehensive crypto financial services plan. According to reports, the bank will gradually launch more crypto asset-related businesses in its trading and wealth management departments this year, further attracting young, high-net-worth crypto-native investors.
This shows that despite CEO Jamie Dimon repeatedly publicly criticizing BTC as "worthless", the bank continues to move closer to digital assets in its actual business operations. Last month, he rarely stated at an investor day event that JPMorgan will allow clients to buy BTC, but will not provide custody services.
(JPMorgan CEO Jamie Dimon Sparks Controversy Again, Calling BTC a "Ponzi Scheme")
In addition to loosening client services, JPMorgan is also expanding its corporate reach. In May this year, when the stablecoin issuer Circle was promoting its Initial Public Offering (IPO), the bank was chosen as one of the lead underwriters, symbolizing increased trust from traditional finance towards crypto companies and highlighting JPMorgan's attempt to play a more critical role in the emerging digital financial market.
BlackRock Leads Spot ETF Battle, Market Share Approaching 80%
As the most focused target in JPMorgan's new strategy, BlackRock's IBIT has become the world's largest Bitcoin spot ETF, with assets under management reaching $70.1 billion. According to Sosovalue data, IBIT occupies nearly 78% market share among all US Bitcoin spot ETFs, far surpassing other competitors.
This phenomenon not only represents the investment attractiveness of crypto ETFs but also provides banks with more operational space for combining financial products.
Traditional Finance Merging with Crypto Assets Becomes a Trend: What Remains of Crypto?
From ETF approval to loan collateral relaxation, traditional finance is gradually "institutionalizing" crypto assets. On one hand, this means the asset's liquidity and compliance are significantly improving; on the other hand, this seems to be a "dilution" of the decentralization ideal.
As banks, asset management giants, and regulatory bodies enter the market, the boundaries between crypto assets and traditional finance are dissolving. What applications will crypto retain in the future? Or will it ultimately become just another "commodified" financial tool? This is worth our deep reflection.
(Traditional Financial Integration of Blockchain Dims Crypto: What Remains After Cypherpunk Moves to the Margins?)
Risk Warning
Cryptocurrency investment carries high risks, and its price may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
