Twenty One Capital Expands Bitcoin Holdings to 43,500 BTC Ahead of Public Listing

• Twenty One Capital will expand its Bitcoin holdings to 43,500 BTC and become the third-largest corporate Bitcoin treasury company. 

• The company plans to go public under the ticker ‘XXI’ after completing its business combination with Cantor Equity Partners. 

• Each share will represent about 12,559 satoshis, and the company will use a Bitcoin Per Share metric instead of traditional earnings measurements.

Twenty One Capital has announced plans to significantly expand its Bitcoin treasury ahead of its anticipated public listing. The company expects to receive approximately 5,800 additional BTC from Tether, bringing its total Bitcoin holdings to over 43,500 BTC before completing its business combination to go public.

The expansion reinforces CEO Jack Mallers’ strategy to accumulate Bitcoin using the company’s cash flows. Twenty One Capital acquired its current Bitcoin holdings at a blended average cost of $87,280.37 per BTC, positioning itself strategically in the cryptocurrency market.

Third-Largest Corporate Bitcoin Treasury Emerges

Twenty One Capital will solidify its position as the third-largest corporate Bitcoin treasury globally with these additional holdings. The company trails only Strategy, which holds 607,770 BTC, and MARA Holdings with 50,000 BTC in their respective treasuries.

The business combination with Cantor Equity Partners (CEP) will result in each share representing approximately 12,559 satoshis per share. Tether and cryptocurrency exchange Bitfinex will maintain majority stakes in the combined entity, while SoftBank Group will hold a minority position.

Twenty One Capital plans to trade under the ticker symbol ‘XXI’ following the completion of regulatory requirements. The company has filed its draft registration statement with the Securities and Exchange Commission, though the public listing remains subject to customary closing conditions and CEP shareholder approval.

Bitcoin Per Share Performance Metric Introduction

Twenty One Capital will implement a Bitcoin Per Share (BPS) performance metric to provide transparency for investors. This metric will reflect the amount of Bitcoin held per fully-diluted share, offering a direct method to track Bitcoin-denominated performance.

The BPS approach differs from traditional earnings-per-share models by enabling shareholders to monitor Bitcoin exposure without legacy business liabilities or dilution risks associated with companies operating outside the Bitcoin ecosystem.

Mallers emphasized the company’s mission, stating that Twenty One Capital represents a new public company built on Bitcoin principles. The CEO highlighted the company’s vision to reshape the global financial system through Bitcoin-focused operations.

The cryptocurrency treasury space continues expanding as CEP has agreed to publicize Adam Back’s Bitcoin Standard Treasury Company (BSTR). BSTR expects to launch with 30,021 BTC, positioning it as the fourth-largest Bitcoin treasury company behind Twenty One Capital.

These developments reflect growing institutional adoption of Bitcoin as treasury assets among publicly traded companies. The trend demonstrates increasing corporate confidence in Bitcoin’s long-term value proposition within traditional financial markets.