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Bitcoin Treasury Firm Twenty One Capital Makes NYSE Debut With $4B War Chest

MarketDash Editorial Team
2 days ago
Twenty One Capital is about to make Wall Street history as the first Bitcoin-native company to list on the NYSE. Led by Strike founder Jack Mallers and backed by Tether, SoftBank, and Cantor Fitzgerald, the firm brings a $4 billion Bitcoin treasury to the big board.

Wall Street is about to meet Bitcoin in a very official way. On December 9, Twenty One Capital will start trading on the New York Stock Exchange under ticker symbol XXI, marking the first time a pure Bitcoin-native company has landed on the prestigious exchange. And it's not showing up empty-handed: the firm is bringing roughly $4 billion in Bitcoin to the party, positioning itself as the largest Bitcoin treasury company on the NYSE.

The listing follows shareholder approval of the merger between Twenty One Capital and Cantor Equity Partners Inc. (CEP) on December 3. The merger closes December 8, with trading kicking off the very next day. It's a quick turnaround for what could be a defining moment in crypto's march into traditional finance.

A Heavyweight Treasury Player

Twenty One Capital will launch holding approximately 43,514 Bitcoin (BTC), valued at roughly $4 billion. That makes it one of the top three publicly traded Bitcoin holders globally and the biggest specifically on the NYSE. For context, Strategy Inc. (MSTR), formerly known as MicroStrategy, still dominates the space with around 650,000 BTC, while MARA Holdings Inc. (MARA) holds about 52,000 BTC.

The company will be led by Jack Mallers, founder and CEO of Strike, the Bitcoin Lightning Network payments company. Mallers has emerged as one of crypto's most visible advocates, particularly for his work helping El Salvador adopt Bitcoin as legal tender in 2021. His appointment as CEO signals that Twenty One Capital isn't messing around with half-measures or hedging its bets. This is pure Bitcoin exposure, nothing else.

Behind the company stands some serious institutional muscle. Tether and Bitfinex are majority owners, and SoftBank Group and Cantor Fitzgerald have made significant investments. That's the kind of backing that suggests growing institutional confidence in Bitcoin as more than just a speculative asset, but as something that belongs on corporate balance sheets.

Transparency Through Bitcoin Per Share

Here's where Twenty One Capital is trying to differentiate itself: it's introducing a Bitcoin Per Share metric that lets investors track the company's Bitcoin holdings in real time through onchain proof of reserves. The idea is simple but powerful: shareholders get verifiable, transparent data on exactly what they own. No opacity, no guessing games, just clear numbers anyone can verify on the blockchain.

This matters because opacity has been a real problem for some competitors in this space. Twenty One Capital is betting that radical transparency will attract investors who want Bitcoin exposure but have been wary of companies that don't provide clear visibility into their holdings.

The company describes itself as "the first Bitcoin native company" and emphasizes capital-efficient Bitcoin accumulation as its core strategy. Unlike Strategy, which still operates a legacy software business, or mining companies like Marathon that generate Bitcoin through operations, Twenty One Capital plans to focus exclusively on Bitcoin-related business lines. It's a purer play than what's currently available.

Pre-merger, Cantor Equity Partners raised $585 million through Private Investment in Public Equity financing, while Twenty One Capital sold $100 million in convertible notes. These funds have already been partially deployed to expand the Bitcoin treasury. Tether contributed an additional 5,800 BTC in July, pushing total holdings above 43,000 coins.

Entering A Crowded But Growing Space

The Bitcoin treasury model has seen significant growth in 2025 as institutional adoption accelerates and regulatory clarity improves. Strategy remains the 800-pound gorilla with over 650,000 BTC, accumulated through aggressive at-the-market stock offerings and convertible debt issuances.

But the model isn't without its critics. Some analysts question whether these companies can generate sustainable shareholder value when Bitcoin spot ETFs offer simpler, more direct exposure. The concern is that Bitcoin treasury companies rely on perpetual market enthusiasm rather than fundamental business value. If Bitcoin goes sideways or down for an extended period, what exactly are shareholders getting beyond what they'd get from just buying Bitcoin directly or through an ETF?

Twenty One Capital is entering this competitive landscape with some distinct advantages. The institutional credibility from Cantor Fitzgerald backing and an NYSE listing could attract more conservative investors who value the exchange's regulatory oversight and 200-year history of customer protections. There's something to be said for trading on the Big Board rather than a newer venue.

Market Timing And What Comes Next

The December 9 debut comes during a choppy period for Bitcoin, which has struggled to maintain momentum above $95,000 despite rallying past $100,000 in October. Broader crypto market sentiment is cautious, with some analysts suggesting Bitcoin's 2025 bull run may have already peaked while others argue 2026 could surprise investors.

Twenty One Capital's NYSE listing will be an important test. Is Wall Street's appetite for Bitcoin exposure through equity markets still strong, or are investors starting to prefer spot ETFs and direct custody options as they mature? The combined entity will operate as Twenty One Capital, Inc. beginning December 9, 2025, and all eyes will be watching.

For investors tracking the Bitcoin treasury trend, December 9 represents a significant milestone. Whether Twenty One Capital can deliver sustainable shareholder value through pure-play Bitcoin exposure, or whether it faces the same valuation challenges as competitors, will likely shape the next wave of corporate crypto adoption. According to the company, the business will focus on capital-efficient Bitcoin accumulation and developing services related to the Bitcoin ecosystem. The question is whether that's enough to justify the premium over simply buying Bitcoin directly.

Back to News

Bitcoin Treasury Firm Twenty One Capital Makes NYSE Debut With $4B War Chest

MarketDash Editorial Team
2 days ago
Twenty One Capital is about to make Wall Street history as the first Bitcoin-native company to list on the NYSE. Led by Strike founder Jack Mallers and backed by Tether, SoftBank, and Cantor Fitzgerald, the firm brings a $4 billion Bitcoin treasury to the big board.

Wall Street is about to meet Bitcoin in a very official way. On December 9, Twenty One Capital will start trading on the New York Stock Exchange under ticker symbol XXI, marking the first time a pure Bitcoin-native company has landed on the prestigious exchange. And it's not showing up empty-handed: the firm is bringing roughly $4 billion in Bitcoin to the party, positioning itself as the largest Bitcoin treasury company on the NYSE.

The listing follows shareholder approval of the merger between Twenty One Capital and Cantor Equity Partners Inc. (CEP) on December 3. The merger closes December 8, with trading kicking off the very next day. It's a quick turnaround for what could be a defining moment in crypto's march into traditional finance.

A Heavyweight Treasury Player

Twenty One Capital will launch holding approximately 43,514 Bitcoin (BTC), valued at roughly $4 billion. That makes it one of the top three publicly traded Bitcoin holders globally and the biggest specifically on the NYSE. For context, Strategy Inc. (MSTR), formerly known as MicroStrategy, still dominates the space with around 650,000 BTC, while MARA Holdings Inc. (MARA) holds about 52,000 BTC.

The company will be led by Jack Mallers, founder and CEO of Strike, the Bitcoin Lightning Network payments company. Mallers has emerged as one of crypto's most visible advocates, particularly for his work helping El Salvador adopt Bitcoin as legal tender in 2021. His appointment as CEO signals that Twenty One Capital isn't messing around with half-measures or hedging its bets. This is pure Bitcoin exposure, nothing else.

Behind the company stands some serious institutional muscle. Tether and Bitfinex are majority owners, and SoftBank Group and Cantor Fitzgerald have made significant investments. That's the kind of backing that suggests growing institutional confidence in Bitcoin as more than just a speculative asset, but as something that belongs on corporate balance sheets.

Transparency Through Bitcoin Per Share

Here's where Twenty One Capital is trying to differentiate itself: it's introducing a Bitcoin Per Share metric that lets investors track the company's Bitcoin holdings in real time through onchain proof of reserves. The idea is simple but powerful: shareholders get verifiable, transparent data on exactly what they own. No opacity, no guessing games, just clear numbers anyone can verify on the blockchain.

This matters because opacity has been a real problem for some competitors in this space. Twenty One Capital is betting that radical transparency will attract investors who want Bitcoin exposure but have been wary of companies that don't provide clear visibility into their holdings.

The company describes itself as "the first Bitcoin native company" and emphasizes capital-efficient Bitcoin accumulation as its core strategy. Unlike Strategy, which still operates a legacy software business, or mining companies like Marathon that generate Bitcoin through operations, Twenty One Capital plans to focus exclusively on Bitcoin-related business lines. It's a purer play than what's currently available.

Pre-merger, Cantor Equity Partners raised $585 million through Private Investment in Public Equity financing, while Twenty One Capital sold $100 million in convertible notes. These funds have already been partially deployed to expand the Bitcoin treasury. Tether contributed an additional 5,800 BTC in July, pushing total holdings above 43,000 coins.

Entering A Crowded But Growing Space

The Bitcoin treasury model has seen significant growth in 2025 as institutional adoption accelerates and regulatory clarity improves. Strategy remains the 800-pound gorilla with over 650,000 BTC, accumulated through aggressive at-the-market stock offerings and convertible debt issuances.

But the model isn't without its critics. Some analysts question whether these companies can generate sustainable shareholder value when Bitcoin spot ETFs offer simpler, more direct exposure. The concern is that Bitcoin treasury companies rely on perpetual market enthusiasm rather than fundamental business value. If Bitcoin goes sideways or down for an extended period, what exactly are shareholders getting beyond what they'd get from just buying Bitcoin directly or through an ETF?

Twenty One Capital is entering this competitive landscape with some distinct advantages. The institutional credibility from Cantor Fitzgerald backing and an NYSE listing could attract more conservative investors who value the exchange's regulatory oversight and 200-year history of customer protections. There's something to be said for trading on the Big Board rather than a newer venue.

Market Timing And What Comes Next

The December 9 debut comes during a choppy period for Bitcoin, which has struggled to maintain momentum above $95,000 despite rallying past $100,000 in October. Broader crypto market sentiment is cautious, with some analysts suggesting Bitcoin's 2025 bull run may have already peaked while others argue 2026 could surprise investors.

Twenty One Capital's NYSE listing will be an important test. Is Wall Street's appetite for Bitcoin exposure through equity markets still strong, or are investors starting to prefer spot ETFs and direct custody options as they mature? The combined entity will operate as Twenty One Capital, Inc. beginning December 9, 2025, and all eyes will be watching.

For investors tracking the Bitcoin treasury trend, December 9 represents a significant milestone. Whether Twenty One Capital can deliver sustainable shareholder value through pure-play Bitcoin exposure, or whether it faces the same valuation challenges as competitors, will likely shape the next wave of corporate crypto adoption. According to the company, the business will focus on capital-efficient Bitcoin accumulation and developing services related to the Bitcoin ecosystem. The question is whether that's enough to justify the premium over simply buying Bitcoin directly.