The firm Twenty One Capital, specializing in Bitcoin treasury management, is set to begin trading on the New York Stock Exchange on December 9, designated with the ticker symbol XXI.

This development follows the successful merger with Cantor Equity Partners (CEP), after CEP shareholders approved the transaction, which is projected to finalize around December 8. The unified entity will operate under the brand name Twenty One Capital.

At the time of launch, the company will possess approximately 43,514 BTC, equating to around $4 billion at current market valuations. This positioning will establish Twenty One Capital as the preeminent Bitcoin treasury company traded on the NYSE and the second-largest corporate holder of BTC worldwide, following Strategy.

The creation of Twenty One Capital was first announced in April, originating as a collaborative effort among Tether, Bitfinex, SoftBank, and Cantor Fitzgerald. The firm’s name alludes to Bitcoin’s finite supply of 21 million coins, approximately 19.95 million of which have already been mined.

Jack Mallers, CEO and co-founder of Twenty One Capital, expressed enthusiasm about the upcoming trading debut, stating via X, “Game on. See you at the NYSE on Tuesday.”

In a notable development in July, the company augmented its treasury by acquiring 5,800 BTC from Tether. Consequently, upon launch, Twenty One Capital will hold over 43,000 BTC. The firm remains committed to expanding its Bitcoin holdings as a central facet of its strategic vision.

Prior to the merger, Cantor Equity Partners successfully raised $585 million through Private Investment in Public Equity (PIPE) financing. Additionally, Twenty One Capital procured $100 million through the issuance of convertible notes, with a portion of these proceeds utilized to enhance its Bitcoin treasury.

Direct Bitcoin Exposure on Wall Street

Twenty One Capital’s operational model is designed to provide investors with direct exposure to Bitcoin via its corporate balance sheet. In conjunction with its trading activity, the firm will unveil an innovative metric termed “Bitcoin Per Share.”

This metric indicates the volume of BTC held per share and is underpinned by on-chain proof-of-reserves, thereby furnishing investors with a verifiable basis for tracking Bitcoin holdings in real time.

The firm aims to distinguish itself from other digital asset treasury entities. Unlike competitors such as Strategy and Metaplanet, which diversify across multiple business models, Twenty One Capital is dedicated exclusively to Bitcoin acquisition and related services.

Majority ownership by Tether and Bitfinex supports the firm’s public listing, while Cantor Fitzgerald contributes specialized knowledge in investment banking and capital markets. CEP initiated the SPAC vehicle that facilitated the merger and paved the way for the company’s entry into the NYSE.

With its imminent debut, Twenty One Capital is anticipated to emerge as a significant player in the realm of publicly listed Bitcoin treasuries. Its treasury structure, trading framework, and Bitcoin Per Share metric aim to present a novel model for investors seeking BTC exposure.

The company envisions an expansion of services associated with Bitcoin, encompassing payments and infrastructure. CEO Jack Mallers has articulated a primary objective of enhancing Bitcoin per share to bolster shareholder value.

Shares of Twenty One Capital are expected to commence trading on December 9, under the ticker XXI, coinciding with the conclusion of the merger.

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