Established by Cantor Fitzgerald, Twenty One Capital aims to challenge Strategy. The organisation’s capital fund will amount to 42,000 BTC (~$3.9 billion).
Approximately 23,950 BTC will be provided by Tether, 10,500 BTC by Softbank, and 7,000 BTC by Bitfinex. These organisations have become co-founders of Twenty One Capital alongside Cantor Fitzgerald.
In return, partners will receive a stake in Twenty One Capital: assets will be converted into company shares at a rate of $10 per share, valuing 1 BTC at $85,000.
Twenty One Capital will be led by Strike founder Jack Mallers.
The company positions itself as “the best tool for investors seeking capital-efficient risk on bitcoin.”
Twenty One Capital seeks to achieve public status through a merger with Cantor Equity Partners. To conclude the deal, the firm will raise $385 million through convertible bonds and $200 million through stock sales.
The listing is planned on Nasdaq under the ticker XXI.
“Our mission: to become the most successful company in bitcoin. […] We are here to build a new market,” said Mallers.
In a presentation, Twenty One Capital claimed that its business model is more efficient for investors compared to Strategy.
The argument presented is the scale of the competitor: with 534,741 BTC on the balance sheet of Michael Saylor’s corporation, it would need to make even larger investments to increase its bitcoin per share. This would reduce the dollar impact of future investments on each security, according to the press release.
Holding 42,000 BTC on its balance sheet will make Twenty One Capital the third-largest holder of digital gold among corporations, following Strategy and MARA.
Twenty One Capital intends to develop several bitcoin-focused offerings, including debt and equity products, advisory services, and credit and educational platforms.
“The mission will be to accelerate the adoption of the first cryptocurrency and enhance literacy at both institutional and retail levels,” the company stated.
The organisation also plans to collaborate with industry players by hosting thematic conferences.
Earlier, Brandon Lutnick became chairman and CEO of Cantor, succeeding his father Howard Lutnick, who this year took the position of U.S. Secretary of Commerce.
Back in 2024, the financial company acquired a 5% stake in Tether for $600 million.