Bitcoin treasury company Twenty One Capital will start starts trading on the New York Stock Exchange on December 9. The company will use the ticker symbol XXI.
Twenty One Capital is the result of a merger with Cantor Equity Partners (CEP). CEP shareholders approved the deal, paving the way for the transaction to close around December 8. The merged 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 will make Twenty One Capital the largest BTC treasury company listed on the NYSE. Globally, it will be the second largest corporate BTC holder after Strategy.
The company was first announced as a joint venture in April between Tether, Bitfinex, SoftBank and Cantor Fitzgerald. The name refers to Bitcoin’s total supply of 21 million coins, of which approximately 19.95 million have been mined.
Jack Mallers, CEO and co-founder of Twenty One Capital, posted at X: “Game on. See you Tuesday at the NYSE.”
In July, the company added 5,800 BTC of Tether to its treasury. Combined with initial holdings, Twenty One Capital will own over 43,000 BTC at launch. The company plans to further expand its BTC holdings as part of its core strategy.
Before the merger, Cantor 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 increase the Bitcoin treasury.
Direct exposure to bitcoin on Wall Street
Twenty One Capital’s model focuses on giving investors direct exposure to BTC through the company’s balance sheet. The company will introduce a metric called Bitcoin per share.
It shows the amount of BTC held per share. The measure is based on proof-of-reserves in the chain. This gives investors a verifiable reference to track Bitcoin holdings in real time.
The company wants to differentiate itself from other digital asset treasury companies. While competitors like Strategy and Metaplanet operate multiple businesses, Twenty One Capital is designed to focus solely on Bitcoin accumulation and related services.
Tether and Bitfinex remain majority shareholders and support the company’s stock exchange listing. Cantor Fitzgerald offers expertise in investment banking and capital markets.
CEP offered the SPAC vehicle to complete the merger and take the company to the NYSE.
Upon its debut, Twenty One Capital will become a major player in listed BTC government bonds. The treasury, trading structure, and Bitcoin Per Share metric aim to provide a new model for investors looking for exposure to BTC.
The company plans to expand services related to Bitcoin, including payments and infrastructure. CEO Jack Mallers has said his main goal is to increase Bitcoin per share, thereby strengthening shareholder value.
Shares of Twenty One Capital are expected to begin trading under the ticker XXI on December 9, one day after the merger closes.
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