Key Takeaways
- Shareholders have approved a merger between Twenty One Capital and Cantor Equity Partners.
- The combined entity will start trading on the New York Stock Exchange (NYSE) beginning Dec. 9.
- Twenty One will become NYSE’s largest Bitcoin treasury company and the second largest in the world after Strategy.
The New York Stock Exchange is expected to welcome its largest Bitcoin treasury company yet, thanks to a merger between Twenty One Capital and Cantor Equity Partners.
After Strategy, the combined business will become the second-largest digital asset treasury (DAT) firm and the third-largest public Bitcoin holder in the world.
Twenty One Capital Goes Public With $4B in Bitcoin
Twenty One Capital was established earlier this year, with Tether, Bitfinex, SoftBank, and Cantor Fitzgerald injecting around 42,000 BTC to seed the new treasury.
Pre-merger, Cantor Equity Partners raised an additional $585 million through Private Investment in Public Equity (PIPE) financing, while Twenty One Capital sold convertible notes worth another $100 million.
Some of those cash reserves have already been deployed, bringing the firm’s total holdings to 43,514 BTC worth around $4 billion as of Dec. 3.
The new DAT giant has sought to differentiate itself in an increasingly crowded field.
Upon announcing the venture, founder and CEO Jack Mallers highlighted Twenty One’s singular focus on accumulating Bitcoin.
While the likes of Strategy and Metaplanet continue to operate other businesses on the side, “we are as pure a play of Bitcoin opportunity in the capital markets as we think exists, and that is what sets us apart,” he stated.
The Largest Bitcoin Holder on NYSE
If everything goes according to plan, shares in Twenty One Capital will start trading on the New York Stock Exchange (NYSE) beginning Dec. 9.
Upon its debut, the firm will become the largest NYSE-listed Bitcoin holder. While Strategy and the Bitcoin mining group Marathon hold more coins, they both trade on the Nasdaq.
Previously, Mallers said his main job as CEO would be to increase Bitcoin per share, a metric has become many DATs’ north star.
Twenty One’s strategy is to outperform the competition, strengthening shareholders’ position through more capital-efficient Bitcoin accumulation.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
