TL;DR
- Twenty One Capital will begin trading on the NYSE on December 9 under the ticker XXI after completing its merger with Cantor Equity Partners.
- The company holds 43,514 BTC valued at $4B and will launch the Bitcoin Per Share metric, allowing real-time visibility into BTC holdings per share.
- The firm will operate under the leadership of Jack Mallers and aims to expand bitcoin-based services, backed by Tether and Bitfinex.
Twenty One Capital is moving toward its public listing and preparing a bitcoin-based structure designed to stand apart from the rest of the market.
The company expects to begin trading on the New York Stock Exchange on December 9 under the ticker XXI, one day after completing its merger with Cantor Equity Partners, the SPAC backed by Cantor Fitzgerald. CEP shareholders approved the combination on December 4, leaving the deal in its final stage, pending only the closing conditions outlined in filings submitted to the SEC.
Bitcoin Per Share
The company’s structure is designed to provide direct equity exposure to the price of bitcoin. Twenty One Capital proposes a model that uses its corporate balance sheet to accumulate BTC efficiently and develop services tied to the Bitcoin ecosystem. The firm already holds 43,514 BTC, valued at $4B, making it one of the largest corporate holders of the asset. Only Strategy, with 650,000 BTC, maintains a significantly larger position.
The plan also includes a proprietary indicator, Bitcoin Per Share, which will allow investors to measure in real time the amount of BTC attributed to each share. The metric will rely on onchain proof-of-reserves, giving the market a verifiable reference that does not depend on intermediaries. The company intends for this approach to differentiate its offering from traditional BTC exposure vehicles, including spot ETFs, which rely on external custodians and do not provide continuous onchain auditing.
Twenty One Capital Backed by Tether and Bitfinex
The combined entity will operate under the name Twenty One Capital and will be led by Strike CEO Jack Mallers. Mallers aims to build a company that uses bitcoin as the core asset in its structure and expands its services linked to payments, infrastructure, and BTC accumulation. Tether and Bitfinex remain majority shareholders and strongly support its transition into a public company.
Cantor Fitzgerald brings expertise in investment banking and capital markets, while CEP provides the vehicle needed to advance toward listing. The planned NYSE debut marks Twenty One Capital’s attempt to build a company designed from the ground up to operate around bitcoin and offer a distinct alternative for investors
