Twenty One Capital Launches with 42,000 Bitcoin (BTC) in Its Corporate Treasury

Twenty One Capital launched in April 2025 with more than 42,000 Bitcoin (BTC) in its corporate treasury. The company became one of the largest institutional Bitcoin holders, ranking

Twenty One Capital, a new company backed by Tether, Bitfinex, and SoftBank, launched on Monday with more than 42,000 Bitcoin (BTC) in its corporate treasury. The company is one of the largest institutional Bitcoin holders, ranking behind only MicroStrategy and Marathon Digital. The BTC holdings are worth more than $3.6 billion at current market value.

The company was formed through a merger with Cantor Equity Partners (NYSE:CEPH), a special purpose acquisition company (SPAC). Twenty One Capital will trade publically on the New York Stock Exchange under the ticker symbol “XXI.” CEO Jack Mallers, who also leads Strike, will manage the company’s operations and Bitcoin-focused strategy.

Twenty One Capital aims to offer exposure to Bitcoin through public markets. Its launch brings a new institutional Bitcoin vehicle backed by major firms.

Tether and Bitfinex together transferred 31,500 BTC to Twenty One Capital, which formed the core of the initial BTC treasury. Meanwhile, SoftBank acquired a minority stake in the company by purchasing shares from Tether.

In addition, the company plans to raise $585 million in capital through equity sales, convertible notes, and debt. These funds will be used to buy more Bitcoin and for operational needs. The structure allows the company to focus only on Bitcoin acquisition and storage.

Cantor Fitzgerald is involved through its SPAC, which brings strong capital markets experience into the company. The formation process also includes planned metrics to track Bitcoin ownership.

Bitcoin Per Share (BPS) is the primary metric that will be used by Twenty One Capital. This metric showcases how much Bitcoin backs each share of the company’s stock, which is publicly traded. The company claims that this replaces the typical earnings-per-share metric used in traditional stocks.

The company will also be reporting a Bitcoin Return Rate (BRR), which showcases the growth of Bitcoin per share over time. These metrics align with the company’s stated goal to increase Bitcoin per share, not fiat earnings.

This structure allows the stock price to mirror the performance of its BTC treasury. If BTC rises in the market, so might the share price. If the company increases its BTC holdings, the Bitcoin per share ratio improves, which could attract more investors to the stock.

Jack Mallers will serve as CEO. He is known for efforts to integrate Bitcoin payments into traditional finance through his Strike platform. His role at Twenty One Capital will include expanding the company’s Bitcoin holdings and driving its broader strategy.

“We are focused on maximizing Bitcoin per share and developing Bitcoin-native financial tools that can revolutionize the industry,” said Mallers.

He added that the company will not diversify into other cryptocurrencies, assets, or revenue streams. Instead, it will concentrate solely on Bitcoin and expanding its treasury holdings.

This approach makes a shift in how institutions may treat Bitcoin. Rather than allocating a percentage of assets to BTC or investing in a basket of tokens, Twenty One Capital’s entire business model centers around it.

After the launch announcement, Cantor Equity Partners’ shares (NYSE:CEPH) surged by over 460%. This increase reflects strong market interest in Bitcoin-focused public firms. The move came during a 30% price increase in BTC over recent weeks.

The share price signals broader acceptance of institutional Bitcoin models. Analysts have connected the jump to investor interest in BTC-backed stocks. However, the company’s strategy, structure, and corporate control have also raised concerns.

The concentration of Bitcoin in corporate treasuries may impact the cryptocurrency’s supply and the long-term structure of the market. Some market participants expressed concerns about the impact of one company holding 42,000 BTC.

With Bitcoin’s total supply capped at 21 million, large corporate holdings can limit the cryptocurrency’s availability for individual users.

“It’s honestly baffling to me how guys like Jack Mallers and Michael Saylor can so brilliantly explain why Bitcoin is the most superior asset ever created, and then use the same explanation to try and sell you a stock,” said Mati Greenspan, CEO of Quantum Economics.

His comments highlight a segment of the community that remains cautious about the rapid pace of institutional Bitcoin accumulation.

However, Matt Mena, Head of Markets at 21Shares, pointed out that institutional ownership does not alter the Bitcoin protocol or centralize the asset.

“They simply offer new access points that integrate Bitcoin into existing financial infrastructure,” Mena stated. He added that users can still access Bitcoin directly, without going through institutions. Mena highlighted the difference between owning Bitcoin through a company like Twenty One Capital and an individual choosing to hold Bitcoin in their own wallet.

This discussion continues the broader narrative within the Bitcoin ecosystem over preferred ownership models and how to ensure decentralized access to the cryptocurrency.

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