Twenty One Capital set for NYSE debut after merger with Cantor Equity Partners

Twenty One Capital, a Bitcoin-focused financial company founded earlier this year by Jack Mallers, is preparing to go public on the New York Stock Exchange. The move comes after Cantor Equity Partners, the SPAC facilitating the listing, approved the merger at a shareholder meeting on Thursday. With the final paperwork expected soon in a Form 8-K, the newly combined company plans to begin trading next Tuesday under the ticker XXI.

Launched in April, Twenty One Capital aims to build one of the largest corporate Bitcoin treasuries in the world. Its early supporters include major names in finance and digital assets such as Cantor Fitzgerald, Tether, Bitfinex, and SoftBank. The company currently holds 43,514 BTC, a stash worth roughly $4 billion based on recent market data, placing it behind only Strategy and MARA Holdings in total corporate Bitcoin reserves.

The timing of the listing arrives during a turbulent period for companies with large Bitcoin inventories. A sharp crypto market unwind on Oct. 10 triggered the biggest single-day wave of liquidations in the sector’s history, wiping out more than $19 billion in leveraged positions. Bitcoin itself has been volatile, falling from highs above 126,000 in early October to below 80,000 in November before attempting to stabilize.

These conditions have put significant pressure on corporate holders. Strategy, once trading at a substantial premium to its Bitcoin holdings, has seen much of that advantage disappear as the market corrected. With liquidity thin and volatility elevated, analysts are questioning whether aggressive Bitcoin treasury strategies can remain sustainable if further downside emerges.

Twenty One Capital’s public debut will test investor appetite for Bitcoin-heavy balance sheets at a moment when the market is still finding its footing.