Twenty One Capital, Inc. ("Twenty One"), a Bitcoin-native company, today announced the completion of its business combination (the "Business Combination") with Cantor Equity Partners, Inc. ("CEP"). Twenty One's Class A common stock will begin trading on the New York Stock Exchange ("NYSE") on December 9, 2025, under the ticker "XXI."
Twenty One is majority-owned by Tether Investments, S.A. de C.V. ("Tether"), the world’s largest stablecoin issuer, and Bitfinex, with significant minority ownership by SoftBank Group Corp. ("SoftBank Group"), one of the world’s leading investment holding companies.
Twenty One holds over 43,500 Bitcoin, making it the world’s third largest public corporate holder of Bitcoin. Twenty One pairs this treasury with an operating business focused on building out Bitcoin-native financial services, capital markets advisory, lending, and educational media designed to accelerate Bitcoin’s integration into the global financial system.
"Bitcoin is honest money. That's why people choose it, and that's why we built Twenty One on top of it," said Jack Mallers, Co-Founder and CEO of Twenty One. "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."
Twenty One has committed to operating with public-market transparency from day one, including publishing on-chain proof of its Bitcoin holdings at xxi.mempool.space to allow real-time verification by shareholders. Twenty One is a Bitcoin-native company that will strategically allocate capital to increase Bitcoin per share. Twenty One intends to develop a corporate architecture capable of supporting financial products built with and on Bitcoin. This includes native lending models, capital market instruments, and future innovations that will replace legacy financial tools with Bitcoin-aligned alternatives. This approach is designed to give public-market investors exposure to disciplined Bitcoin accumulation within a purpose-built operating structure.
Alongside its accumulation strategy, Twenty One plans to build a set of Bitcoin-centric operating businesses intended to generate recurring revenue and expand institutional engagement with Bitcoin. Efforts will focus on educational content and branded media to support Bitcoin literacy, as well as the rollout of Bitcoin-aligned alternatives to legacy financial services offerings. These business lines would create complementary income streams that reinforce Twenty One’s Bitcoin strategy and broaden the market infrastructure built around the asset.
The Business Combination includes private investment in public equity ("PIPE") transactions of a $486.5 million senior convertible notes PIPE and approximately $365 million of common equity PIPEs.
Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as counsel to Tether. Ellenoff Grossman & Schole LLP acted as counsel to CEP. Sullivan & Cromwell LLP acted as counsel to SoftBank Group.
Cantor Fitzgerald & Co. acted as financial and capital markets advisor to CEP and served as placement agent for the senior convertible notes PIPE and common equity PIPEs.
Source: Twenty One
Date: 10.12.2025 [16]
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