Catenaa, Tuesday, May 06, 2025-Tether, SoftBank Group, and entrepreneur Jack Mallers have launched Twenty One Capital, Inc. through a business combination with Cantor Equity Partners (CEP).
The new company, set to become the first Bitcoin-native public entity, aims to accumulate Bitcoin and introduce Bitcoin-centric financial services. The deal values Twenty One at $3.6 billion, with an initial Bitcoin treasury of over 42,000 BTC, making it the third-largest Bitcoin holder globally.
Twenty One plans to raise $585 million in new capital through convertible senior secured notes and a common equity PIPE (private investment in public equity). The proceeds will be used to buy additional Bitcoin and fund general corporate activities. The company’s performance will be measured using two Bitcoin-focused metrics: Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR), reflecting growth in Bitcoin assets rather than traditional earnings.
Mallers, founder of Bitcoin payment platform Strike, will serve as CEO, aiming to drive further Bitcoin adoption. Tether’s CEO, Paolo Ardoino, emphasized Bitcoin’s potential as a decentralized, immutable asset that is central to a new financial system.
The transaction is subject to shareholder approval and regulatory conditions, with shares expected to trade under the ticker symbol “XXI” post-merger.
