Tether and Bitfinex-backed company debuts under ticker "XXI" with over 43,500 BTC, ranking as third-largest public corporate holderTether and Bitfinex-backed company debuts under ticker "XXI" with over 43,500 BTC, ranking as third-largest public corporate holder

Bitcoin Treasury Firm Twenty One to Debut Tuesday on NYSE With $4B in Holdings

2025/12/09 17:06
2 min read
Bitcoin Treasury Firm Twenty One to Debut Tuesday on NYSE With $4B in Holdings

Twenty One Capital will begin trading toda on the New York Stock Exchange (NYSE) under ticker symbol "XXI" following completion of its business combination with Cantor Equity Partners, the company announced Monday.

The Austin, Texas-based firm holds over 43,500 Bitcoin, making it the world's third-largest public corporate holder of the cryptocurrency, according to the announcement. At current prices, the holdings are worth approximately $4 billion.

Twenty One is majority-owned by Tether Investments, the world's largest stablecoin issuer, and cryptocurrency exchange Bitfinex. SoftBank Group holds significant minority ownership in the company.

The listing represents the public market debut for a bitcoin-native company co-founded by Tether and Jack Mallers, who serves as CEO. Mallers said the NYSE listing aims to give bitcoin "the place it deserves in global markets" while offering investors exposure to both bitcoin reserves and an operating business built around the asset.

Twenty One has committed to publishing on-chain proof of its bitcoin holdings at xxi.mempool.space to enable real-time verification by shareholders. The company plans to strategically allocate capital to increase bitcoin per share while developing what it describes as bitcoin-native financial services.

The firm intends to build bitcoin-centric operating businesses focused on lending, capital markets advisory, and educational media designed to accelerate bitcoin's integration into the global financial system. These business lines are intended to generate recurring revenue and expand institutional engagement with bitcoin.

The business combination included $486.5 million in senior convertible notes through private investment in public equity transactions and approximately $365 million in common equity PIPE investments.

Cantor Fitzgerald served as financial and capital markets advisor to Cantor Equity Partners and placement agent for the PIPE transactions. Skadden, Arps, Slate, Meagher & Flom acted as counsel to Tether, while Sullivan & Cromwell represented SoftBank Group.

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