Bitcoin treasury firm Twenty One Capital will begin trading on the New York Stock Exchange on December 9th. The company uses the ticker symbol XXI.
Twenty One Capital was formed through a merger with Cantor Equity Partners (CEP). CEP shareholders approved the transaction, paving the way for the transaction to be completed on or around December 8th. The combined entity will operate under the name Twenty One Capital.
The company will launch with approximately 43,514 BTC. At today’s prices, that’s about $4 billion. This makes Twenty One Capital the largest BTC treasury company listed on the New York Stock Exchange. Globally, it is the second largest corporate BTC holder after Strategy.
The company was first announced in April as a joint venture between Tether, Bitfinex, SoftBank and Cantor Fitzgerald. The name refers to the total supply of 21 million Bitcoins, of which approximately 19.95 million have been mined.
“It’s a game. See you on Tuesday at the New York Stock Exchange,” Jack Mallers, co-founder and CEO of Twenty One Capital, wrote on X.
In July, the company added 5,800 BTC from Tether to its treasury. Combined with initial holdings, Twenty One Capital will hold over 43,000 BTC at launch. The company plans to continue increasing its BTC holdings as part of its core strategy.
Prior to the merger, Kantar Equity Partners raised $585 million through private investment in public equity (PIPE) financing. Twenty One Capital also sold $100 million in convertible notes. Some of these funds were used to grow the Bitcoin vault.
Direct exposure to Bitcoin on Wall Street
Twenty One Capital’s model focuses on providing investors with direct exposure to BTC through a company’s balance sheet. The company will introduce a metric called “Bitcoins per share.”
Indicates the amount of BTC held per share. This measure relies on on-chain proof of reserve. This gives investors a verifiable reference to track their Bitcoin holdings in real-time.
The company aims to differentiate itself from other digital asset treasury companies. While competitors such as Strategy and Metaplanet operate multiple businesses, Twenty One Capital is designed to focus solely on Bitcoin accumulation and related services.
Tether and Bitfinex remain major shareholders and supported the company’s listing. Cantor Fitzgerald provides investment banking and capital markets expertise.
CEP proposed a SPAC vehicle to complete the merger and bring the company to the NYSE.
Upon its debut, Twenty One Capital will become the central player in listed BTC government bonds. Its financials, trading structure, and Bitcoin per share metrics aim to provide a new model for investors seeking exposure to BTC.
The company plans to expand its Bitcoin-related services, including payments and infrastructure. CEO Jack Mallers said his main goal is to increase Bitcoin per share and increase shareholder value.
Twenty One Capital’s stock is expected to begin trading under the ticker XXI on December 9, the day after the merger closes.
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