Catenaa, Saturday, December 13, 2025-Bitcoin-native firm Twenty One Capital began trading on the New York Stock Exchange under the ticker “XXI” after completing a business combination with Cantor Equity Partners.
The company holds over 43,500 Bitcoin, making it the world’s third-largest public corporate holder.
Majority ownership rests with Tether Investments and Bitfinex, with SoftBank Group holding a significant minority stake.
Twenty One combines its Bitcoin treasury with operating businesses focused on Bitcoin-native financial services, capital markets advisory, lending, and educational media aimed at accelerating Bitcoin integration into global finance.
Co-founder Jack Mallers said the NYSE listing provides transparency and allows investors to verify Bitcoin holdings in real time via the company’s public ledger.
The firm plans to strategically allocate capital to increase Bitcoin per share while developing operating businesses to generate recurring revenue and broaden institutional engagement.
The business combination included private investment in public equity (PIPE) transactions, comprising $486.5 million in senior convertible notes and approximately $365 million in common equity PIPEs.
Legal counsel included Skadden, Arps, Slate, Meagher & Flom for Tether, Ellenoff Grossman & Schole for CEP, and Sullivan & Cromwell for SoftBank Group, with Cantor Fitzgerald serving as financial and placement advisor.
Twenty One aims to provide public-market investors exposure to disciplined Bitcoin accumulation within a purpose-built corporate structure, offering a platform for financial products and business development built around Bitcoin.
