Twenty One Capital

Twenty One Capital (Nasdaq: XXI) burst onto public markets with a single, audacious mission:
accumulate and safeguard as much Bitcoin as possible. Founded in 2024 through a reverse‑merger with Cantor Equity Partners, the firm has quickly joined MicroStrategy and Marathon as a bellwether for institutional BTC adoption.

Launch & Early Funding

Backed by heavyweight investors—including Tether and SoftBank—Twenty One debuted with a 42,000‑BTC war chest. Management introduced two bespoke shareholder metrics:

• Bitcoin‑per‑Share (BPS) – tracks BTC backing each outstanding share.
• Bitcoin Return Rate (BRR) – measures treasury growth relative to market cap.

Aggressive Accumulation Strategy

The company has agreed to purchase an additional 5,800 BTC from Tether, lifting total holdings to roughly 43,500 BTC—over US $5 billion at current prices. That would make Twenty One the world’s third‑largest public‑company Bitcoin treasury.

Why Bitcoin‑Only?

• Scarcity Thesis  Management calls BTC “digital steel for balance sheets,” citing its 21‑million supply cap.
• Shareholder Alignment  BPS gives investors pure BTC exposure—no mining or software revenue vagaries.
• Yield Optionality  A nascent Bitcoin Yield Desk targets extra BRR via covered calls and institutional lending while retaining full self‑custody.

Capital Stack & Funding

Purchases are financed through USD‑denominated convertibles, equity offerings, and Tether‑backed credit facilities. CEO Jack Mallers is unequivocal: “Our stock is a levered bet on Bitcoin—we’ll buy every dip and hold forever.”

Custody & Risk Management

BTC reserves sit in multi‑sig cold storage with institutional custodians. Quarterly on‑chain attestations and Big‑Four audits aim to allay concerns over Tether involvement and dilution risk.

Outlook

Upon its planned Q4 2025 listing, Twenty One will join a select cadre of pure‑play Bitcoin treasuries. Investors will watch whether rapid BPS growth can outpace share‑issuance dilution—and how regulators view its Tether‑funded expansion.

What is clear: Twenty One Capital exemplifies a growing trend of public companies treating Bitcoin not as a side asset, but as primary treasury capital.

For more on corporate BTC adoption, explore CryptoSlate’s Bitcoin news.