Nasdaq
華爾街日報Twenty One Capital's Bitcoin-Fueled Debut Turns Sour As Stock Tumbles
Twenty One Capital, Inc. (NYSE:XXI) began trading on the New York Stock Exchange Tuesday, Dec. 9, 2025, under the ticker XXI, after completing a business combination with Cantor Equity Partners, Inc. (NASDAQ:CEP).
The company is positioning itself as a Bitcoin-focused public vehicle with a large crypto treasury and plans to build services tied to the digital asset.
The deal adds a crypto-native name to the NYSE and gives investors a new, publicly listed way to access Bitcoin-related exposure.
Related: Twenty One Capital Set To Make History On NYSE With $4B Treasury
Twenty One said Tether and Bitfinex hold a majority ownership stake, while SoftBank Group is a significant minority owner.
Management Commentary
Co-founder and CEO Jack Mallers said, “Listing on the NYSE is about giving Bitcoin the place it deserves in global markets and giving investors the best of Bitcoin: its strength as a reserve and the upside of a business built on it.”
Twenty One said it holds more than 43,500 Bitcoin, making it one of the largest public corporate holders of the cryptocurrency.
The company plans to pair that treasury with operating lines that include Bitcoin-focused capital markets advisory and lending, along with educational media aimed at supporting the adoption of Bitcoin.
The company stated that it will publish on-chain proof of its Bitcoin holdings through a public dashboard, allowing shareholders to verify their balances. Mallers said, “Bitcoin is honest money. That’s why people choose it, and that’s why we built Twenty One on top of it.”
Twenty One said the business combination included PIPE financing, including $486.5 million in senior convertible notes and about $365 million in common equity commitments.
XXI Price Action: Twenty One Capital shares were down 23.13% at $10.97 at the time of publication on Tuesday, according to Benzinga Pro data.
Read Next:
Photo by Momentum studio via Shutterstock