Twenty One Capital, a Bitcoin-focused financial firm backed by Tether, Bitfinex, SoftBank, and Cantor Fitzgerald, will debut on the New York Stock Exchange (NYSE) on December 9, 2025. The company will trade under the ticker symbol “XXI” following the completion of its merger with Cantor Equity Partners (CEP), a special purpose acquisition company (SPAC), according to a Business Wire release dated December 4, 2025.
At an extraordinary general meeting held this week, shareholders of CEP approved the proposed business combination with Twenty One Capital along with all other related proposals. Following this approval, the transaction is expected to close around December 8, with the company’s shares beginning to trade one day later.
A new Bitcoin-native company enters Wall Street
According to the announcement, Twenty One Capital will operate under a Bitcoin-native structure designed to provide investors with direct exposure to Bitcoin through the equity market. The firm describes its approach as a “capital-efficient Bitcoin accumulation and development strategy,” allowing shareholders to participate in the growth of the Bitcoin ecosystem through equity ownership rather than direct coin custody.
At launch, Twenty One Capital will hold approximately 43,514 BTC. Based on current market prices, that amounts to nearly $4 billion in Bitcoin holdings. This will make Twenty One Capital the largest Bitcoin treasury company listed on the NYSE and the third-largest globally, after Strategy, according to the data from BitcoinTreasuries.net.
Jack Mallers, co-founder and chief executive officer of Twenty One Capital, confirmed the listing timeline in a post on X. “Game on. See you at the NYSE on Tuesday,” he wrote.
Game on. See you at the @NYSE on Tuesday. #Bitcoin pic.twitter.com/oTGPyjyigC
— Jack Mallers (@jackmallers) December 4, 2025
Background and structure of the merger
Twenty One Capital first announced its formation in April 2025 through a partnership between its key backers, including major digital asset players and institutional investors. The company’s name reflects Bitcoin’s total fixed supply of 21 million coins. Data from CoinMetrics published in November 2025 show that about 19.95 million of these coins have already been mined, leaving fewer than two million available.
Cantor Equity Partners raised $585 million through PIPE (Private Investment in Public Equity) financing ahead of the merger. In addition, Twenty One sold $100 million in convertible notes, part of which funded its Bitcoin purchases. The merger structure allows the company to become publicly traded without a traditional initial public offering (IPO).
Cantor Fitzgerald, which serves as sponsor for CEP, brings decades of investment banking and capital markets experience to the partnership. With its roots stretching back more than 79 years and a global employee base exceeding 14,000, Cantor’s network supports the new entity’s access to both institutional capital and financial infrastructure.
A new model for Bitcoin exposure
Twenty One Capital intends to pioneer a new corporate framework for Bitcoin ownership on public markets. Its central innovation lies in a metric called Bitcoin Per Share, which measures the amount of Bitcoin held per outstanding share. The figure will rely on on-chain proof-of-reserves, giving investors a transparent, verifiable means to track the company’s holdings in real time.
The company will focus exclusively on Bitcoin accumulation, infrastructure, and related financial services rather than pursuing diversified crypto exposure. Tether and Bitfinex will remain majority shareholders after the merger close, supporting Twenty One’s mission to serve as a bridge between traditional markets and Bitcoin’s decentralized network.
Market conditions and outlook
The debut comes at a time of renewed volatility for digital asset markets. In recent months, Bitcoin prices have moved sharply, testing investor commitment after a broad sell-off in October that wiped out billions in leveraged positions across global exchanges. Despite these headwinds, interest in corporate Bitcoin treasuries continues to expand, with firms like Strategy and MARA Holdings maintaining significant reserves.
Upon listing, Twenty One Capital will rank as the third-largest corporate holder of Bitcoin, behind Strategy and MARA Holdings. The company’s focus on maintaining and increasing its Bitcoin per share ratio will remain central to its long-term plan for shareholder value creation.
The firm also intends to develop complementary Bitcoin-based services, including payment solutions and infrastructure tools, strengthening its operational footprint across the digital asset sector.
With the merger complete and trading set to begin on December 9, Twenty One Capital will become the latest institutional vehicle for investors seeking exposure to Bitcoin within a regulated public market structure.
Gunel Ismayilova
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