Bitcoin treasury firm Twenty One Capital, Inc. is poised to begin trading on the New York Stock Exchange (NYSE) on December 9, marking a significant milestone for the company, which brands itself as the first Bitcoin-native entity expected to be publicly listed. This collaborative venture includes major players such as Tether, Bitfinex, Cantor Fitzgerald, and SoftBank.
The recent shareholder approval for a business combination with Cantor Equity Partners (CEP) is a crucial step toward this debut, with CEP shareholders voting in favor of the proposed merger and related proposals. The transaction is anticipated to close around December 8, pending the fulfillment of conditions specified in regulatory filings with the SEC. Following this merger, the newly formed entity will operate under the Twenty One Capital name, with its Class A common stock set to trade under the ticker symbol XXI.
CEO and co-founder Jack Mallers expressed enthusiasm about the upcoming listing, stating, “Game on. See you at the NYSE on Tuesday.” Upon its launch, Twenty One Capital is set to hold approximately 43,500 Bitcoins, valued at around $4 billion, positioning it as one of the largest corporate Bitcoin holders, only trailing behind prominent entities such as Strategy and Bitcoin miner MARA. This substantial holding has been bolstered by a recent acquisition of 5,800 BTC from Tether, demonstrating the firm’s commitment to Bitcoin as a core asset.
The company’s name is a nod to Bitcoin’s total possible supply of 21 million coins, of which around 19.95 million have been mined to date. The news of the impending trading debut has positively influenced CEP’s stock, which surged about 22% recently, reaching a price of $14.50. However, despite this increase, CEP stock remains down approximately 66% over the past six months, following a spike when the merger announcement was made in April.
In the wider cryptocurrency market, Bitcoin has experienced fluctuations, trading above $93,000 after a brief dip below $85,000 earlier this week. This marks a recovery from its significant decline over the past two months, following an all-time high of over $126,000 in early October. Currently, Bitcoin is down about 26% from that peak, yet market sentiment appears cautiously optimistic. Traders on Myriad, a prediction market operated by Decrypt’s parent company, are currently assigning a 76% probability that Bitcoin will rally to $100,000 before it drops to $69,000, a level that hasn’t been seen in over a year.
As Twenty One Capital prepares to make its mark on the public trading stage, stakeholders remain focused on the evolving landscape of cryptocurrencies and the potential implications of this new publicly-listed entity.
