TLDR
- Twenty One Capital (XXI) launched on NYSE December 9 with 43,500 Bitcoin worth roughly $4 billion, making it the third-largest public corporate Bitcoin holder
- The company is majority-owned by Tether and Bitfinex with SoftBank holding a minority stake, backed by over $850 million in PIPE transactions
- CEO Jack Mallers plans to expand beyond Bitcoin accumulation into lending, financial services, and capital markets advisory built on BTC
- Shares opened below $10.50 despite strong institutional backing, though recovered to $11.13 with 3% gains by mid-session
- Twenty One pledges full transparency with real-time on-chain verification of holdings and aims to develop BTC-aligned alternatives to legacy financial tools
Twenty One Capital began trading on the New York Stock Exchange on December 9 under ticker XXI. The launch came with little fanfare as shares dropped below $10.50 in early trading.
The company holds more than 43,500 Bitcoin valued at roughly $4 billion. This makes it the third-largest public corporate holder of the cryptocurrency. Only Strategy and MARA Holdings have larger BTC treasuries.
Twenty One completed a business combination with Cantor Equity Partners to go public. The deal was supported by more than $850 million in PIPE transactions across senior convertible notes and common equity.
Tether and Bitfinex hold majority ownership of the company. SoftBank Group maintains a meaningful minority stake. This combination represents one of the strongest institutional coalitions backing a Bitcoin-focused operating company.
CEO Jack Mallers founded the company with a dual business model. The first part involves accumulating Bitcoin as a treasury reserve. The second focuses on building BTC-centric business operations.
Financial Services and Lending Plans
Twenty One plans to expand into multiple areas beyond simple Bitcoin accumulation. The roadmap includes financial services, capital markets advisory, and lending products. The company also intends to launch educational media focused on cryptocurrency adoption.
Mallers described the strategy as giving Bitcoin a formal place in global markets. “Bitcoin is honest money. That’s why people choose it, and that’s why we built Twenty One on top of it,” he said.
The company is exploring the possibility of issuing U.S. dollar loans backed by its Bitcoin holdings. This would mark a shift from passive accumulation to active use of BTC as collateral. The lending products would be part of a broader suite of financial services.
Twenty One has committed to full transparency from its first day of trading. The company will provide real-time on-chain verification of its Bitcoin holdings. This allows investors and the public to independently confirm the treasury balance.
Market Response and Trading Activity
The stock opened below the $10 PIPE price on December 9. This brought the company’s valuation close to its fundraising level despite the institutional backing.
Mitchell Askew from Blockware Intelligence noted the influential institutions behind XXI. He believes Twenty One could become a major force not just in Bitcoin but in broader financial history.
Leading advisors from Skadden, Sullivan & Cromwell, Ellenoff Grossman & Schole, and Cantor Fitzgerald supported the SPAC transactions. The deal structure included both convertible notes and common equity components.
Mallers emphasized that Cantor is a primary dealer of the U.S. Federal Reserve. Tether ranks as the largest stablecoin issuer and holds substantial U.S. Treasuries. SoftBank manages $330 billion in assets across its portfolio.
The CEO’s background includes founding Strike and coming from a known financial family. These connections position XXI as more than another Bitcoin company in the public markets.
Under Mallers’s leadership, Twenty One aims to shift corporate finance metrics toward Bitcoin-native measurements. The company wants to focus on “Bitcoin per share” rather than traditional fiat-based valuations.
The firm plans to develop products that replace legacy financial tools with BTC-aligned alternatives. This includes proprietary lending models and capital market instruments built directly on Bitcoin infrastructure.
By afternoon trading, XXI shares recovered to $11.13, gaining more than 3% from the opening price.
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