Twenty One Capital, Inc., a Bitcoin-focused company, is preparing to go public. According to a July 29, 2025, press release, the company noted that it will receive about 5,800 additional Bitcoin from Tether at the closing of its pending business combination with Cantor Equity Partners, Inc. (CEP). The transfer will bring the company’s total holdings to more than 43,500 Bitcoin, positioning it as the third-largest corporate Bitcoin treasury globally.
The company said the additional Bitcoin will be delivered when the business combination closes, a transaction expected to result in Twenty One becoming publicly traded under the ticker “XXI.” The Bitcoin has been acquired at a blended average cost of $87,280.37 per coin.
Public Listing Through SPAC Deal
Twenty One is pursuing a public listing through its merger with CEP, a Nasdaq-listed special purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald. The deal will leave the company majority-owned by Tether and Bitfinex, with SoftBank Group Corp. holding a significant minority stake. Remaining shares will be held by private investment in public equity (PIPE) participants, CEP shareholders and the sponsor.
The transaction remains subject to customary closing conditions, including shareholder approval. Twenty One has confidentially filed a draft registration statement on Form S-4 with the U.S. Securities and Exchange Commission in connection with the merger.
Bitcoin-Centred Business Strategy
The company said it will measure performance using a “Bitcoin Per Share” (BPS) metric, representing the amount of Bitcoin each fully diluted share corresponds to. At closing, each share is expected to equate to roughly 12,559 satoshis.
Twenty One’s Bitcoin will be held as part of its long-term treasury strategy, custodied with on-chain proof-of-reserves verification at xxi.mempool.space. The firm emphasized that its holdings will be maintained transparently and verifiably on-chain.
The 5,800 Bitcoin transfer from Tether includes 1,381 Bitcoin purchased under subscription agreements dated June 19, 2025, and 4,422 Bitcoin related to an earlier obligation under the business combination agreement with CEP.
No timeline was disclosed for when the business combination will close, but the company said the listing will occur immediately afterwards, pending regulatory and shareholder approvals.
