Simply put
- Bitcoin treasury firm TwentyOne Capital is set to begin trading on the New York Stock Exchange on December 9.
- The company is a collaboration involving Tether, Bitfinex, Cantor Fitzgerald, and SoftBank.
- TwentyOne aims to start trading with nearly $4 billion in Bitcoin held in its Treasury.
Recently, TwentyOne Capital received approval from shareholders for its merger with Cantor Equity Partners (CEP), and the vote went favorably for the proposed merger and related resolutions.
The deal is expected to finalize around December 8, pending the completion of various closing conditions outlined in SEC regulatory filings. Once the merger and related financing are completed, the combined entity will go by the name TwentyOne Capital.
The company’s Class A common stock is anticipated to start trading on the New York Stock Exchange on December 9 under the ticker symbol XXI. They’re promoting themselves as the “first-ever Bitcoin-native company looking to go public.”
Jack Mallers, the CEO and Co-Founder of TwentyOne, expressed excitement, stating, “It’s a game. See you on Tuesday at the New York Stock Exchange.”
Back in July, TwentyOne Capital disclosed plans to hold around 43,500 BTC, valued at approximately $4 billion, at the start of trading. This includes an additional 5,800 BTC from Tether, potentially positioning the company as the third-largest corporate holder of Bitcoin after Strategy and the miner MARA.
Initially announced in April, TwentyOne is a partnership among Tether, Bitfinex, Cantor Fitzgerald, and SoftBank. The name reflects the supply limit of 21 million Bitcoins, with about 19.95 million BTC mined so far.
Following the merger announcement, Cantor Equity Partners’ stock price surged about 22% to $14.50. However, it’s worth noting that CEP remains down about 66% over the past six months after a spike earlier this year.
Bitcoin saw a gain of around 2.5% this week, recently trading above $93,000 after bouncing back from a drop below $85,000 on Monday. The cryptocurrency has experienced a significant decline over the last two months, down 26% from a record high of over $126,000 reached in early October.
Traders on the Myriad platform, which predicts market movements, suggest there’s a 76% chance Bitcoin will appreciate to $100,000 quicker than it would drop to $69,000, a price last seen over a year ago.
