Twenty One Capital’s $4 billion stash of 43,514 Bitcoin—as of this writing—catapults it to third-largest corporate holder status ahead of tomorrow’s NYSE listing under ticker XXI.
43,514 BTC: Twenty One’s $4B Bitcoin Treasury Fuels NYSE Launch
The Bitcoin world is buzzing with fresh momentum as Twenty One Capital gears up for its historic NYSE debut. Fresh off a merger with Cantor Equity Partners that closes today, December 8, 2025, this Bitcoin-native powerhouse is set to trade as XXI starting December 9. Backed by crypto titans Tether, Bitfinex, SoftBank Group, and Cantor Fitzgerald, Twenty One is redefining corporate treasuries by prioritizing Bitcoin accumulation over traditional assets.
Announced in April 2025 and based in Austin, Texas, Twenty One Capital was formed to deliver direct Bitcoin exposure through public markets. Under CEO Jack Mallers—the Lightning Network pioneer behind Strike—the company introduces metrics like Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR) to track performance in BTC terms, not fiat dollars. The merger unlocks $585 million in financing: $385 million via convertible senior secured notes and $200 million through equity PIPE, plus an exercised $100 million option in notes, providing firepower for further BTC buys.
This move echoes the rising tide of corporate Bitcoin adoption we’ve covered extensively. For a deep dive into Marathon Digital’s shift toward treasury strategies, check our analysis here. We’ve also explored how established players like Tesla navigated early BTC holdings in this Q2 piece.
How the Market Reacted When Others Did This
Corporate Bitcoin treasuries have a track record of sparking sharp market responses. Take Strategy (formerly MicroStrategy): Their 2020 pivot to BTC drove shares up over 1,000% in the following years, with holdings now at 650,000 BTC valued at around $58 billion as of December 2025—far outpacing the company’s $53 billion market cap and validating the strategy’s leverage on BTC’s upside.
In Japan, Metaplanet adopted a similar playbook, announcing its BTC treasury in April 2024. Shares exploded 3,600% that year, followed by a 427% surge in the first half of 2025 alone, as holdings grew to about 7,800 BTC worth $850 million by mid-year. Tesla’s 2021 $1.5 billion BTC buy triggered a 20% stock pop in weeks, though later sales trimmed gains—highlighting the volatility but also the instant investor draw.
Block Inc. blended BTC (8,584 coins) into its payments ecosystem, boosting market cap by billions amid the rally. Across 200+ public firms holding $150 billion in crypto treasuries this year, these examples show BTC moves often ignite trading volume and outperformance versus benchmarks like the S&P 500. CEP shares closed at $15.09 as of December 5, 2025, reflecting merger anticipation, though exact gain timelines vary with news flow.
Twenty One Capital’s launch underscores a broader evolution: Firms are treating Bitcoin as a core reserve asset against inflation, with on-chain transparency building trust. As the first pure-play BTC company on the NYSE, it could accelerate this shift, offering regulated access to BTC’s scarcity model for a wider investor base.
Looking ahead, expect Twenty One to expand into BTC lending, advisory services, and educational content to drive adoption. This listing isn’t just a milestone—it’s a signal that Bitcoin’s corporate integration is accelerating, potentially reshaping how balance sheets battle economic headwinds worldwide.
