Bitcoin Firm Twenty One Capital to List on NYSE with $4B Treasury

The journey to the NYSE floor began with shareholder approval for Twenty One Capital’s business combination with Cantor Equity Partners (CEP). According to regulatory filings, CEP shareholders voted in favor of the proposed merger and all related proposals, with the transaction expected to close around December 8, pending final conditions. Upon completion, the merged entity will operate under the Twenty One Capital name, with its Class A common stock anticipated to begin trading under the ticker symbol XXI. The company has explicitly branded itself as “the first-ever Bitcoin-native company that expects to be publicly listed,” a statement echoed by CEO and co-founder Jack Mallers, who posted “Game on. See you at the NYSE on Tuesday” on social media platform X.

The firm’s identity is intrinsically linked to Bitcoin’s core monetary policy. Its name, Twenty One Capital, is a direct reference to Bitcoin’s total possible supply of 21 million coins, of which approximately 19.95 million have been mined to date. This listing is not the venture of a single entity but a powerful collaborative effort. The company was first announced in April as a joint venture between stablecoin issuer Tether, cryptocurrency exchange Bitfinex, financial services firm Cantor Fitzgerald, and investment giant SoftBank.

The scale of Twenty One Capital’s Bitcoin holdings is what sets this listing apart. The company announced in July that it will hold about 43,500 BTC when it begins trading, following an addition of 5,800 BTC from Tether. At recent prices above $93,000, this treasury is worth approximately $4 billion. This colossal holding potentially positions Twenty One as the third-largest corporate Bitcoin holder globally, trailing only behind entities referred to as Strategy and Bitcoin miner Marathon Digital (MARA).

The market reaction to the merger approval was immediate and positive. Cantor Equity Partners’ stock surged about 22% following the late Wednesday announcement, recently trading at $14.50. However, this rally comes in the context of a longer-term decline; CEP remains down about 66% over the last six months, having spiked initially in April when the merger was first proposed. The listing arrives during a period of notable volatility for Bitcoin itself. While BTC is up about 2.5% on the week, recently trading above $93,000, it has fallen sharply by 26% since setting a new all-time high above $126,000 in early October.

The public listing of a company with a Bitcoin-native thesis and a multi-billion dollar BTC treasury is a significant milestone for the asset class. It provides a new, regulated avenue for traditional market participants to gain exposure to Bitcoin’s performance through a corporate equity, rather than directly through a cryptocurrency exchange or ETF. This event is closely watched by the SEC and marks a deepening convergence between the crypto and traditional finance (TradFi) sectors.

Despite recent price declines, broader market sentiment toward Bitcoin’s near-term trajectory appears cautiously optimistic. Data from prediction market platform Myriad, operated by Decrypt’s parent company Dastan, indicates traders currently assign a 76% probability that Bitcoin will rise to $100,000 sooner than it will plunge to $69,000—a price level not seen in over a year. This sentiment underscores the prevailing belief in a potential recovery and new highs, even as Twenty One Capital prepares to make its historic market debut amidst the current price correction.