Twenty One Capital, Inc., a Bitcoin-native company anticipating a public listing, announced it expects to hold over 43,500 Bitcoin at the closing of its business combination. This total includes an anticipated receipt of approximately 5,800 additional Bitcoin from Tether, positioning Twenty One as the third-largest corporate Bitcoin treasury globally.
The company’s Bitcoin holdings were acquired at a blended average cost of $87,280.37 per Bitcoin. Upon the closing of the business combination with Cantor Equity Partners, Inc. (CEP), a special-purpose acquisition company (SPAC), Twenty One expects to list under the ticker symbol “XXI”.
Twenty One plans to introduce a performance metric called Bitcoin Per Share (BPS), designed to reflect the amount of Bitcoin represented by each fully-diluted share. At closing, each share of Twenty One is expected to represent approximately 12,559 sats/share. This metric aims to provide investors with a transparent way to track Bitcoin-denominated performance, offering exposure to Bitcoin without the traditional liabilities or dilution risks often associated with operating businesses outside the Bitcoin ecosystem.
Jack Mallers, Co-Founder and CEO of Twenty One, stated, “We believe Bitcoin deserves a public company worthy of its ethos. With the partners, capital, team, and structure we’ve assembled, we feel like we can do anything, and we’re just getting started. Twenty One is a new kind of public company: built on Bitcoin, backed with proof, and driven by a vision to reshape the global financial system. We’re not here to beat the existing system, we’re here to build a new one.”
Following the business combination, Twenty One intends to hold its Bitcoin on-balance-sheet as part of its long-term treasury strategy. All of Twenty One’s Bitcoin will be custodied transparently and verifiably on-chain, with real-time Proof of Reserves accessible at xxi.mempool.space.
Paolo Ardoino, CEO of Tether, commented, “Bitcoin represents more than just a financial asset, it’s a foundational protocol for freedom, transparency, and resilience. Twenty One captures that ethos in corporate form. By anchoring its model entirely to Bitcoin, it breaks from legacy financial conventions and points toward a future where value is truly sovereign. This is the kind of vision we’re proud to support.”
The 5,800 additional Bitcoin from Tether consists of 1,381 Bitcoin purchased pursuant to subscription agreements dated June 19, 2025, and Tether’s pre-existing obligation to purchase 4,422 Bitcoin as per the business combination agreement with CEP.
As previously announced, the business combination between Twenty One and Cantor Equity Partners, Inc. (Nasdaq: CEP), a SPAC sponsored by an affiliate of Cantor Fitzgerald, will result in Twenty One being majority-owned by Tether and Bitfinex. SoftBank Group Corp. will hold a significant minority stake, with the remaining equity distributed among PIPE investors, public shareholders of CEP, and Cantor Fitzgerald, CEP’s sponsor.
Twenty One has confidentially submitted a draft registration statement on Form S-4 with the U.S. Securities and Exchange Commission (SEC). The completion of the business combination is subject to customary closing conditions, including approval from CEP’s shareholders. Once public, Twenty One aims to provide shareholders with a differentiated opportunity to gain exposure to Bitcoin through equity markets, with a strategy designed for capital-efficient Bitcoin accumulation and related business development.
