Twenty One Capital will list with over 43,500 BTC, becoming the third-largest corporate Bitcoin holder

Twenty One Capital announced that it expects to receive an additional 5,800 BTC, worth approximately $680 million at current market prices, by the time it closes its previously disclosed business combination with Cantor Equity Partners (CEP), a Nasdaq-listed special-purpose acquisition company (SPAC). 

The inflow will raise Twenty One’s total Bitcoin holdings to over 43,500 BTC, surpassing all but two public firms globally in on-balance-sheet Bitcoin ownership.

The planned reserve accumulation represents a bet not just on Bitcoin’s price, but on its long-term role as a monetary base layer for a new financial architecture.

“We believe Bitcoin deserves a public company worthy of its ethos,” said Jack Mallers, CEO and co-founder of Twenty One. “We’re not here to beat the existing system, we’re here to build a new one.”

Bitcoin per share, not earnings per share

Unlike traditional operating companies that hold Bitcoin as a hedge or diversification strategy, Twenty One has been designed from inception as a Bitcoin-native enterprise. It will forgo conventional earnings-per-share reporting in favor of a new metric, Bitcoin Per Share (BPS). This metric allows investors to track the company’s holdings on a per-share basis and monitor the value of their equity directly in Bitcoin terms.

Also, all Bitcoin held by the company will be custodied transparently on-chain, with real-time proof-of-reserves available at xxi.mempool.space.

“Bitcoin represents more than just a financial asset, it’s a foundational protocol for freedom, transparency, and resilience,” said Paolo Ardoino, CEO of Tether. “Twenty One captures that ethos in corporate form.”

Twenty Capital is backed by institutional firepower

Twenty One is backed by a powerful institutional roster. Tether and Bitfinex are expected to be majority stakeholders, SoftBank Group holds a significant minority stake, while the remaining equity will be distributed among PIPE investors, public shareholders of CEP, and CEP’s sponsor, Cantor Fitzgerald.

The new 5,800 BTC contribution includes Tether’s recent acquisition of 1,381 BTC alongside its obligation to purchase 4,422 BTC as part of the original business combination deal. The company has also made a confidential filing of its S-4 registration statement with the U.S. Securities and Exchange Commission in preparation for the listing, where it plans to trade under the ticker symbol “XXI”.

These developments position Twenty One as a strategic corporate vehicle to offer Bitcoin exposure to equity investors without the dilution risks or operational burdens of legacy businesses.

While companies like Tesla and Strategy integrated Bitcoin into a larger portfolio, Twenty One is positioning itself as a pure-play Bitcoin balance sheet with institutional-grade custody, real-time reporting, and no operating cash flows outside the asset itself.

The firm’s launch also comes amid a resurgence of interest in corporate crypto treasuries. According to reports, over 60 public companies globally have adopted Bitcoin or other crypto assets into their treasury or investment frameworks.

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