Bitcoin Firm Twenty One Capital To Trade On NYSE Next Week
Twenty One Capital, a Bitcoin treasury firm, is set to begin trading on the New York Stock Exchange on December 9 under the ticker symbol XXI. This milestone comes following a merger with Cantor Equity Partners (CEP), with CEP shareholders giving their approval for the deal to proceed, paving the way for the transaction to be finalized around December 8. The combined entity will operate under the name Twenty One Capital.
With an initial treasury of approximately 43,514 BTC, valued at around $4 billion at current prices, Twenty One Capital will become the largest BTC treasury company listed on the NYSE and the second-largest corporate BTC holder globally, trailing only Strategy.
The company, which was first announced in April as a collaboration between Tether, Bitfinex, SoftBank, and Cantor Fitzgerald, derives its name from Bitcoin’s total supply of 21 million coins, of which nearly 20 million have already been mined.
CEO and co-founder Jack Mallers expressed his excitement for the upcoming listing, stating, “Game on. See you at the NYSE on Tuesday.” The firm has been steadily increasing its BTC holdings, with a recent addition of 5,800 BTC from Tether bringing the total to over 43,000 BTC at launch. This growth strategy is expected to continue as a core focus of the company.
Prior to the merger, Cantor Equity Partners raised $585 million through Private Investment in Public Equity (PIPE) financing, in addition to selling $100 million in convertible notes, with a portion of these funds allocated towards bolstering the Bitcoin treasury.
Twenty One Capital’s unique model offers investors direct exposure to BTC through its corporate balance sheet, introducing a metric known as Bitcoin Per Share to showcase the amount of BTC held per share. This metric utilizes on-chain proof-of-reserves for real-time verification of Bitcoin holdings.
Differentiating itself from competitors like Strategy and Metaplanet, which operate diversified businesses, Twenty One Capital is dedicated solely to Bitcoin accumulation and related services. Tether and Bitfinex maintain majority ownership and provide crucial support for the firm’s public listing, while Cantor Fitzgerald contributes expertise in investment banking and capital markets.
Upon its debut, Twenty One Capital is poised to become a significant player in publicly listed BTC treasuries, offering a novel trading structure and Bitcoin Per Share metric to cater to investors seeking BTC exposure. The company plans to expand its Bitcoin-related services, including payments and infrastructure, with a primary focus on increasing Bitcoin per share to enhance shareholder value.
The anticipated commencement of trading for Twenty One Capital on December 9 marks a significant milestone in the company’s journey, showcasing its commitment to revolutionizing the landscape of Bitcoin investments on Wall Street.
