Bitcoin treasury agency Twenty One Capital will begin buying and selling on the New York Inventory Change on December 9. The corporate will use the ticker image XXI.
Twenty One Capital is the results of a merger with Cantor Fairness Companions (CEP). CEP shareholders permitted the deal, clearing the way in which for the transaction to shut round December 8. The merged entity will function beneath the Twenty One Capital identify.
The corporate will launch with about 43,514 BTC. At present costs, that’s roughly $4 billion. This can make Twenty One Capital the biggest BTC treasury firm listed on the NYSE. Globally, it is going to be the second-largest company BTC holder after Technique.
The agency was first introduced in April as a three way partnership between Tether, Bitfinex, SoftBank, and Cantor Fitzgerald. The identify refers to Bitcoin’s whole provide of 21 million cash, of which about 19.95 million have been mined.
Jack Mallers, CEO and co-founder of Twenty One Capital, posted on X, “Sport on. See you on the NYSE on Tuesday.”
In July, the corporate added 5,800 BTC from Tether to its treasury. Mixed with preliminary holdings, Twenty One Capital will maintain greater than 43,000 BTC at launch. The agency plans to proceed rising its BTC holdings as a part of its core technique.
Pre-merger, Cantor Fairness Companions raised $585 million by way of Non-public Funding in Public Fairness (PIPE) financing. Twenty One Capital additionally bought $100 million in convertible notes. A part of these funds have been used to extend the Bitcoin treasury.
Direct bitcoin publicity on Wall Avenue
Twenty One Capital’s mannequin focuses on giving traders direct publicity to BTC by way of its company steadiness sheet. The corporate will introduce a metric referred to as Bitcoin Per Share.
It exhibits the quantity of BTC held per share. The measure depends on on-chain proof-of-reserves. This provides traders a verifiable reference to trace Bitcoin holdings in actual time.
The corporate goals to distinguish itself from different digital asset treasury corporations. Whereas rivals like Technique and Metaplanet function a number of companies, Twenty One Capital is designed to focus solely on Bitcoin accumulation and associated companies.
Tether and Bitfinex stay majority shareholders and assist the agency’s public itemizing. Cantor Fitzgerald supplies experience in funding banking and capital markets.
CEP provided the SPAC car to finish the merger and convey the corporate to the NYSE.
Upon its debut, Twenty One Capital will grow to be a key participant in publicly listed BTC treasuries. Its treasury, buying and selling construction, and Bitcoin Per Share metric purpose to offer a brand new mannequin for traders looking for publicity to BTC.
The corporate plans to broaden companies related to Bitcoin, together with funds and infrastructure. CEO Jack Mallers has mentioned his foremost objective is to extend Bitcoin per share, reinforcing shareholder worth.
Shares of Twenty One Capital are anticipated to start out buying and selling on December 9 beneath the ticker XXI, at some point after the merger closes.
