Twenty One Capital will become the first pure-play Bitcoin treasury company to list directly on the New York Stock Exchange when trading begins December 9, 2025, under the ticker XXI.
Merger Clears Final Hurdle
Cantor Equity Partners shareholders approved the business combination with Twenty One Capital on December 3, 2025. The deal is expected to close December 8, 2025.
The transaction includes previously completed PIPE financings and convertible notes.
Bitcoin Holdings at Launch
The company will debut with exactly 43,514 BTC, currently valued at approximately $4 billion. This positions XXI as the largest Bitcoin treasury listed on the NYSE and the third-largest corporate holder worldwide.
Earlier filings projected holdings above 43,500 BTC at closing after contributions from Tether.
Leadership and Ownership
Jack Mallers, founder and CEO of Strike, serves as CEO of Twenty One Capital. Major backers include Tether, Bitfinex (controlling shareholders post-merger), SoftBank, and Cantor Fitzgerald.
The company was formed this year specifically for this public listing through the Cantor-backed SPAC.
Strategy Going Forward
Twenty One Capital focuses exclusively on capital-efficient Bitcoin accumulation and Bitcoin-native financial services. It plans to report a real-time “Bitcoin Per Share” metric backed by on-chain proof-of-reserves.
The listing gives investors regulated equity exposure to Bitcoin without custody requirements or ETF fees, while allowing the company to trade at a potential premium to its net asset value.
Market watchers expect the debut to test appetite for pure Bitcoin treasury vehicles separate from spot ETFs or diversified miners.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
