Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-Native Company

Twenty One Capital, Inc. (“Twenty One”), a groundbreaking Bitcoin-native company, has announced a definitive business combination agreement with Cantor Equity Partners, Inc. (Nasdaq: CEP). This revolutionary venture is backed by industry giants Tether, SoftBank Group, and Bitfinex, with Bitcoin pioneer Jack Mallers serving as CEO.

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Key Highlights of the Launch

  • Massive Bitcoin Treasury: Launching with over 42,000 BTC, making it the world’s third-largest Bitcoin holding
  • Strategic Partnerships: Backed by Tether (the largest stablecoin issuer) and SoftBank Group (global investment leader)
  • $585 Million Capital Raise: Including $385M in convertible notes and $200M in equity financing
  • Innovative Metrics: Introducing Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR)
  • Nasdaq Listing: Expected to trade under ticker symbol “XXI”

The Vision Behind Twenty One

Twenty One represents a paradigm shift in corporate finance by measuring success exclusively in Bitcoin terms rather than fiat currencies. The company’s mission focuses on:

  1. Maximizing Bitcoin ownership per share
  2. Developing Bitcoin-native financial products
  3. Creating pro-Bitcoin educational content
  4. Accelerating institutional Bitcoin adoption

Bitcoin-First Performance Metrics

Twenty One introduces two revolutionary metrics:

Metric Description Purpose
Bitcoin Per Share (BPS) Amount of Bitcoin each share represents Measures shareholder value in BTC terms
Bitcoin Return Rate (BRR) Growth rate of BPS over time Tracks corporate performance in BTC terms

Leadership and Strategic Backing

Jack Mallers, renowned for his work at Strike and Bitcoin Lightning Network innovations, will lead Twenty One as CEO while maintaining his existing roles. The company enjoys support from:

  • Tether: Providing stablecoin expertise and Bitcoin advocacy
  • SoftBank Group: Offering global investment experience
  • Cantor Fitzgerald: Delivering financial market infrastructure

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Transaction Details

  • Enterprise Value: $3.6 billion (based on 10-day average BTC price of $84,863.57)
  • Expected Proceeds: Approximately $540 million
  • Convertible Notes: $385M at $13.00/share conversion
  • Common Equity PIPE: $200M at $10.00/share
  • Potential Additional Funding: Up to $100M optional convertible notes

Bitcoin-Native Financial Innovation

Twenty One plans to develop:

  • Native Bitcoin lending models
  • Capital market instruments for BTC
  • Replacement solutions for legacy financial tools
  • Educational content and media promoting Bitcoin adoption

Industry Perspectives

Jack Mallers, CEO of Twenty One:
“We’re not here to beat the market, we’re here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners.”

Paolo Ardoino, CEO of Tether:
“Bitcoin’s role as the foundation of a new financial system is inevitable. Twenty One aligns with our vision of prioritizing accumulation over speculation.”

Brandon Lutnick, Cantor Fitzgerald CEO:
“Twenty One helps investors capture value from Bitcoin’s growing global demand and institutional adoption.”

Frequently Asked Questions

What makes Twenty One different from other Bitcoin companies?

Twenty One is the first public company designed from inception to be Bitcoin-native, measuring all performance in BTC terms rather than fiat currency.

How will Twenty One use its Bitcoin holdings?

The company will strategically allocate its BTC treasury to grow Bitcoin Per Share while developing financial products and services built on Bitcoin infrastructure.

What risks should investors consider?

As with any Bitcoin-focused venture, investors should be aware of BTC price volatility, regulatory developments, and the experimental nature of some proposed financial products.

When is the transaction expected to close?

The business combination is subject to shareholder approval and customary closing conditions, with details to be filed with the SEC.

Will Twenty One pay dividends in Bitcoin?

While no dividend policy has been announced, the company’s Bitcoin Per Share metric suggests potential for BTC-denominated returns.

How can I learn more about the transaction?

Investors can review SEC filings including the forthcoming Form S-4 registration statement containing the Proxy Statement/Prospectus.

About the Partners

Twenty One

The first Bitcoin-native public company focused on maximizing BTC ownership per share and accelerating institutional adoption.

Tether

Pioneer in stablecoin technology and the largest USD₮ issuer, committed to Bitcoin’s growth as sound money.

SoftBank Group

Global technology investment leader with portfolio companies advancing AI, IoT, telecommunications and clean energy.

Cantor Equity Partners

Special purpose acquisition company (SPAC) sponsored by Cantor Fitzgerald, facilitating public market access for innovative businesses.

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Note: This content is for informational purposes only and does not constitute investment advice. Cryptocurrency investments involve substantial risk.
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