TLDR
- Twenty One Capital to Hold 43.5K BTC, Becomes 3rd Largest Corporate Holder
- Bitcoin-Only Firm Twenty One Set to List Publicly Under Ticker “XXI”
- Tether-Backed Twenty One Debuts Bitcoin Per Share (BPS) Metric
- Twenty One Merges With SPAC, Targets Bitcoin-Native Public Market Debut
- SoftBank, Tether Back Bitcoin-Powered Firm Reshaping Capital Markets
Twenty One Capital, Inc. confirmed the expected addition of 5,800 Bitcoin to its treasury ahead of its public market listing. The transfer, facilitated by Tether, will raise the company’s total Bitcoin holdings to over 43,500. This move positions Twenty One as the third-largest corporate holder of Bitcoin globally.
The additional Bitcoin consists of 1,381 BTC recently purchased by Tether and 4,422 BTC tied to a prior agreement. This capital injection aligns with the previously announced business combination with Cantor Equity Partners, a Nasdaq-listed SPAC. Once finalized, the combination will enable Twenty One to begin trading under the ticker “XXI.”
JUST IN: Bitcoin-native Twenty One to go public with 43,500+ BTC, including 5,800 from Tether.
It’ll instantly become the 3rd-largest corporate Bitcoin holder. 🔥 pic.twitter.com/haj4e0aN8u
— Bitcoin Archive (@BTC_Archive) July 29, 2025
The company stated that each fully-diluted share will represent approximately 12,559 satoshis, creating a new metric called Bitcoin Per Share (BPS). BPS will offer shareholders transparent, Bitcoin-denominated exposure through equity, unlike traditional earnings models. Twenty One Capital aims to become a capital-efficient structure for Bitcoin accumulation.
Tether, Bitfinex, and SoftBank Anchor Ownership
At the close of the transaction, Tether and Bitfinex will hold a majority stake in Twenty One Capital, affirming their strong support for Bitcoin-native strategies. SoftBank Group will retain a significant minority interest, while the remaining equity will be distributed among PIPE participants, Cantor Fitzgerald, and public shareholders. The combined entity has submitted a draft Form S-4 registration to the SEC.
Tether’s role in the funding structure also includes its previously disclosed commitment toward SoftBank’s Bitcoin allocation. Reports indicate that 10,500 BTC have been earmarked for this purpose. The Company continues to emphasize long-term Bitcoin custody strategies, rejecting short-term business models.
Twenty One confirmed all Bitcoin holdings will be verifiably custodied on-chain with transparent Proof of Reserves accessible in real-time. This ensures public accountability and aligns with the ethos of Bitcoin’s decentralized foundation. The Company’s strategy remains focused on treasury integrity and capital efficiency.
Twenty One Seeks to Redefine Public Company Models
CEO Jack Mallers described the Company as purpose-built for the Bitcoin ecosystem, with operations and treasury managed entirely in Bitcoin. The company has no exposure to legacy liabilities or off-Bitcoin business risks. It aims to set a standard for financial transparency and sovereign value.
Launched in April 2025, Twenty One Capital was designed from inception to function as a Bitcoin-native operating business. The company plans to offer market participants direct Bitcoin access via public shares. It positions itself as a modern alternative to conventional financial institutions.
Twenty One expects to finalize its merger with CEP following shareholder approval and satisfaction of customary closing conditions. Once public, it intends to reshape capital markets through a Bitcoin-centric financial model. The company underscores its readiness to enter the market as a fully aligned Bitcoin corporate entity.
