Major crypto and traditional finance players unite to create Twenty One, a Nasdaq-listed Bitcoin company with a massive 42,000 BTC treasury.
New Bitcoin Giant Enters the Market
In a landmark collaboration between crypto and traditional finance leaders, Tether, Bitfinex, Cantor Fitzgerald, and SoftBank announced the formation of Twenty One – a Nasdaq-listed Bitcoin company launching with a treasury of 42,000 BTC ($3.9 billion). The venture will go public through a SPAC merger with Cantor Equity Partners (Nasdaq: CEP) under ticker symbol XXI.
Leadership and Funding Structure
Jack Mallers, founder of Bitcoin payments platform Strike, will serve as CEO. The company plans to raise: – $385 million via convertible senior notes – $200 million through private investment (PIPE) Funds will be used to acquire Bitcoin and support corporate operations. Tether and Bitfinex will hold majority ownership, with SoftBank as minority investor.
Business Model and Services
Twenty One will mirror MicroStrategy’s successful approach, offering investors Bitcoin exposure through company shares rather than direct crypto ownership. Additional services will include: – Native Bitcoin lending products – Bitcoin-focused financial services – Educational content production Cantor Fitzgerald, which currently custodies Tether’s Treasury reserves, will facilitate Bitcoin acquisitions through debt instruments.
Market Context and Implications
The launch comes amid growing institutional interest in Bitcoin, with MicroStrategy currently holding 538,000 BTC ($50B). Twenty One’s formation also coincides with: – Ongoing U.S. stablecoin regulation debates – The SEC’s recent easing of crypto enforcement – Increasing TradFi adoption of digital assets
“We’re not here to beat the market, we’re here to build a new one,” Mallers stated, positioning Twenty One as a major player in Bitcoin’s institutional adoption landscape.