Twenty One Capital, Inc., a Bitcoin-native company backed by Tether and Bitfinex with significant minority ownership from SoftBank Group Corp., announced the completion of its business combination with Cantor Equity Partners, Inc., with its Class A common stock scheduled to begin trading on the New York Stock Exchange (NYSE) on December 9, 2025, under the ticker “XXI”.
Twenty One currently holds over 43,500 Bitcoin, positioning it as the world’s third largest public corporate holder of the cryptocurrency. The newly formed company integrates this treasury with an operating business focused on developing Bitcoin-native financial services, providing capital markets advisory, offering lending solutions, and producing educational media to accelerate Bitcoin’s adoption into the global financial system.
Jack Mallers, Co-Founder and CEO of Twenty One, stated, “Bitcoin is honest money. That’s why people choose it, and that’s why we built Twenty One on top of it. Listing on the NYSE is about giving Bitcoin the place it deserves in global markets and giving investors the best of Bitcoin: its strength as a reserve and the upside of a business built on it.”
From its inception as a public entity, Twenty One has committed to operating with transparency, including publishing on-chain proof of its Bitcoin holdings at https://xxi.mempool.space. The company’s strategy involves strategically allocating capital to increase Bitcoin per share and developing a corporate architecture capable of supporting financial products built with and on Bitcoin.
This architecture is intended to facilitate native lending models, capital market instruments, and other innovations designed to offer Bitcoin-aligned alternatives to traditional financial tools. This approach aims to provide public-market investors with exposure to disciplined Bitcoin accumulation within a purpose-built operating structure. Concurrently, Twenty One plans to establish Bitcoin-centric operating businesses focused on generating recurring revenue and expanding institutional engagement through educational content and Bitcoin-aligned financial services offerings.
The business combination included private investment in public equity (PIPE) transactions totaling $486.5 million in senior convertible notes and approximately $365 million in common equity PIPEs. Legal counsel was provided by Skadden, Arps, Slate, Meagher & Flom (UK) LLP for Tether; Ellenoff Grossman & Schole LLP for Cantor Equity Partners; and Sullivan & Cromwell LLP for SoftBank Group. Cantor Fitzgerald & Co. served as the financial and capital markets advisor to Cantor Equity Partners and as the placement agent for the PIPE transactions.
Twenty One is focused exclusively on Bitcoin-related business lines, aiming to provide shareholders with a distinct opportunity to gain exposure to Bitcoin through equity markets. Tether, a majority owner, is recognized for its stablecoin technology, particularly its role as the issuer of the industry’s largest stablecoin, USD₮. SoftBank Group, a significant minority owner, is an investment holding company with interests in technology, including AI, robotics, IoT, telecommunications, and clean energy.
