Bitcoin-native firm Twenty One launches via Cantor-backed SPAC deal, targeting 42,000 BTC and aiming to become the third-largest Bitcoin treasury globally.
Background:
- Twenty One Capital, Inc., a newly formed Bitcoin-focused company, has announced its launch through a business combination with Cantor Equity Partners (CEP), a SPAC sponsored by Cantor Fitzgerald.
- Upon closing, Tether and Bitfinex will hold majority ownership in Twenty One, with a significant minority stake by SoftBank Group, aligning some of the most influential players in finance and crypto.
- The company is entering the market with plans to hold over 42,000 BTC, potentially becoming the third-largest Bitcoin treasury in the world at launch.
- To fund this initiative, Twenty One has secured $585 million in capital, raised via $385 million in convertible senior secured notes and $200 million in a common equity PIPE financing.
- Shares of Cantor Equity Partners will continue trading under “CEP” on Nasdaq until the transaction closes, after which Twenty One will aim to list under the ticker “XXI”.
Why should you pay attention?
- Twenty One’s launch marks the entrance of a pure-play Bitcoin public company, structured from day one to accumulate BTC and increase Bitcoin per share (BPS) for its investors.
- Unlike traditional financial entities, the firm is Bitcoin-native, with a capital model and performance metrics denominated entirely in BTC, including a newly introduced Bitcoin Return Rate (BRR).
- Backed by Tether, Bitfinex, and SoftBank, the venture brings together institutional capital and crypto-native infrastructure to offer investors regulated BTC exposure with an operational business model.
- The company will also focus on developing Bitcoin-aligned financial products, including native lending, capital markets tools, and content/media initiatives aimed at advancing Bitcoin adoption.
Who said what?
- Jack Mallers, Co-Founder & CEO of Twenty One:
“Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time... A public stock, built by Bitcoiners, for Bitcoiners.”
- Paolo Ardoino, CEO of Tether:
“Bitcoin is one of the only truly decentralized, immutable, and censorship-resistant assets… Twenty One will take a Bitcoin-first approach that aligns with our vision—prioritizing accumulation over speculation.”
- Brandon Lutnick, Chairman & CEO of CEP and Chairman of Cantor Fitzgerald:
“With a visionary leader at the helm and backing from two renowned industry leaders, Twenty One is designed to help investors capture value from Bitcoin’s growing global demand and increasing institutional adoption.”
- Anthony Pompliano on X wrote:
“Twenty One, a new public company, was announced this morning... Things are going to get crazy as more public entities start to enter the bitcoin world.”
Zooming out:
- Twenty One’s formation highlights a shift toward corporate Bitcoin integration, not just as a balance sheet asset, but as a foundational structure for business models.
- With over $540 million in immediate funding, and more potentially via an additional $100M in convertible notes, the firm is positioned to rapidly scale its BTC treasury in a transparent, publicly traded vehicle.
- The move also highlights Tether’s continued strategy to support Bitcoin ecosystem expansion, echoing its prior commitments to mining and blockchain infrastructure.
