Twenty One Capital to debut on NYSE after Cantor SPAC merger
Twenty One Capital, a Bitcoin-focused financial firm led by Jack Mallers, said it expects its shares to begin trading on the New York Stock Exchange next week following the completion of its merger with Cantor Equity Partners, a special purpose acquisition company.
The announcement on Thursday came after shareholders of Cantor Equity Partners approved the transaction at a meeting, paving the way for Twenty One Capital to list next Tuesday under the ticker symbol “XXI.” Final voting results from the meeting are expected to be included in an upcoming Form 8-K filing with the U.S. Securities and Exchange Commission.
Launched in April, Twenty One Capital aims to build one of the largest corporate Bitcoin (BTC) treasuries. Early investors include Cantor Fitzgerald, Tether, Bitfinex and venture capital firm SoftBank.
Upon listing, the company is expected to rank as the third-largest corporate holder of Bitcoin, behind Michael Saylor’s company, Strategy, and MARA Holdings.
With 43,514 BTC on its balance sheet, Twenty One Capital’s holdings are currently valued at about $4 billion, according to industry data.
Bitcoin treasury companies face pressure after volatile market sell-off
Companies with sizable Bitcoin reserves are under pressure after a major liquidation event on Oct. 10 triggered the largest single-day wipeout in crypto history, with more than $19 billion in leveraged positions liquidated.
The fallout has weighed on Bitcoin’s price. After reaching a peak above $126,000 in early October, Bitcoin fell sharply in November, bottoming below $80,000 amid intensified selling.
The 30 largest public Bitcoin holders by treasury size. Source: BitcoinTreasuries.NET
The downturn has hit firms with large Bitcoin treasuries particularly hard. Strategy saw its stock slide, erasing much of the premium it previously held over the value of its Bitcoin holdings.
These conditions have raised questions about the durability of corporate Bitcoin treasury strategies, as ongoing volatility and thin liquidity increase the risk that further declines could eliminate unrealized gains.
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