Bitcoin Firm Twenty One to Trade on NYSE With $4B in Digital Reserves

TLDR

• Twenty One Capital will begin trading on the NYSE under the ticker symbol “XXI.”
• The company holds over 43,500 Bitcoin, worth approximately $4 billion at current prices.
• Tether Investments and Bitfinex are majority stakeholders in Twenty One Capital.
• Jack Mallers, CEO and co-founder, believes the listing will give Bitcoin the place it deserves in global markets.
• Twenty One plans to offer Bitcoin-centric services like lending and capital markets advisory.

Twenty One Capital will begin trading on the New York Stock Exchange (NYSE) under the ticker symbol “XXI.” The company announced this development on Monday, following its business combination with Cantor Equity Partners. Based in Austin, Texas, Twenty One holds over 43,500 Bitcoin, worth approximately $4 billion at current prices.

Company Overview and Bitcoin Holdings

Twenty One Capital is now the third-largest public corporate holder of Bitcoin globally. With a substantial stake in the cryptocurrency, the company plans to leverage its holdings to grow its business. The company is majority-owned by Tether Investments, the largest stablecoin issuer, and cryptocurrency exchange Bitfinex. SoftBank Group holds a minority stake in the company.

CEO Jack Mallers co-founded the company, which seeks to integrate Bitcoin into the global financial system. Mallers stated, “This NYSE listing will give Bitcoin the place it deserves in global markets.” He emphasized that the listing offers investors a chance to invest in Bitcoin reserves and a business built around the asset.

The listing on the NYSE marks the public market debut for a Bitcoin-native company. The company’s business model centers on creating Bitcoin-centric services. Twenty One aims to develop services like lending, capital markets advisory, and educational media. These business lines are designed to drive recurring revenue and increase institutional engagement with Bitcoin.

Twenty One also plans to provide transparency to shareholders. The company will publish on-chain proof of its Bitcoin holdings at xxi.mempool.space. This will allow for real-time verification of the company’s Bitcoin reserves by investors.

Twenty One Secures $851.5M to Boost Bitcoin Holdings

The business combination that led to the NYSE listing included $486.5 million in senior convertible notes. It also raised about $365 million in common equity PIPE investments. Cantor Fitzgerald acted as the financial and capital markets advisor for Cantor Equity Partners. Meanwhile, Skadden, Arps, Slate, Meagher & Flom served as counsel to Tether, and Sullivan & Cromwell represented SoftBank Group.

The capital raised through this process will help Twenty One further its business objectives. The company plans to allocate this capital strategically to acquire more Bitcoin. This will enhance the value of Bitcoin per share, helping the company achieve its long-term goals.

The company’s strategy to grow Bitcoin-centric businesses aligns with its vision of integrating Bitcoin into traditional financial markets. Twenty One’s presence on the NYSE brings Bitcoin one step closer to mainstream financial adoption. The company’s approach will likely attract more institutional investors to the asset class.

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