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Twenty One Capital, a Bitcoin-focused financial company led by Jack Mallers, expects its shares to begin trading on the New York Stock Exchange next week following the completion of its merger with Cantor Equity Partners, a special purpose acquisition company.
The announcement on Thursday followed shareholder approval of the deal at Cantor Equity Partners’ meeting, clearing the way for Twenty One Capital to list on Tuesday under the ticker symbol “XXI.”
Final voting results from the meeting are expected to be disclosed in a forthcoming Form 8-K filing with the US Securities and Exchange Commission.
<a href="https://cointelegraph.com/news/twenty-one-capital-bitcoin-stash-bigger-expected" rel="noopener noreferrer nofollow">Twenty One Capital launched in April</a> with the goal of building one of the largest corporate Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) treasuries. Early backers include Cantor Fitzgerald, Tether, Bitfinex and venture capital firm SoftBank.
Upon listing, the company is expected to become the third-largest corporate holder of Bitcoin, trailing only Michael Saylor’s company, Strategy, and MARA Holdings, a major cryptocurrency miner.
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 <img src="https://s3.cointelegraph.com/uploads/2025-12/019aea7e-0d42-7cac-b128-7ac650598f87" title="" alt="Twenty One Capital eyes Tuesday debut following Cantor Equity Partners merger">
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 Source: <a href="https://x.com/jackmallers/status/1996386047979372857" rel="noopener noreferrer nofollow" target="https://x.com/jackmallers/status/1996386047979372857">Jack Mallers</a>
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With 43,514 BTC on its books, Twenty One Capital’s Bitcoin stash is currently worth about $4 billion, according to <a href="https://bitcointreasuries.net/public-companies/xxi" rel="noopener noreferrer nofollow" target="_blank">industry data</a>.
Related: <a href="https://cointelegraph.com/news/bitcoin-miners-enter-harshest-margin-environment-of-all-time" rel="noopener noreferrer nofollow">Bitcoin miners enter ‘harshest margin environment of all time’</a>
<h2 id="bitcoin-treasury-firms-under-pressure-after-volatile-crypto-crash">Bitcoin treasury firms under pressure after volatile crypto crash</h2>
Companies holding large Bitcoin reserves are feeling the strain after a massive liquidation wave on Oct. 10 triggered the largest single-day wipeout in crypto history, with o<a href="https://cointelegraph.com/news/market-crash-no-long-term-fundamental-implications" rel="noopener noreferrer nofollow">ver $19 billion in leveraged positions liquidated</a>.
The ripple effects have dragged down the value of Bitcoin. After reaching a peak above $126,000 in early October, Bitcoin dropped sharply in November, bottoming out below $80,000 as sell-offs intensified.
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 <img src="https://s3.cointelegraph.com/uploads/2025-12/019aea87-0e10-74d1-a153-61ece0378b17" title="" alt="Twenty One Capital eyes Tuesday debut following Cantor Equity Partners merger">
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 The 30 largest public Bitcoin holders by treasury size. Source: <a rel="noopener noreferrer nofollow" target="http://bitcointreasuries.net">BitcoinTreasuries.NET</a>
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The <a href="https://cointelegraph.com/news/american-bitcoin-abtc-stock-crash-crypto-rout" rel="noopener noreferrer nofollow">slump has hit companies with large Bitcoin holdings</a> particularly hard. Strategy saw its stock plunge, eroding much of the premium it once enjoyed over the value of its Bitcoin stash.
In this environment, the <a href="https://cointelegraph.com/news/few-bitcoin-treasury-companies-survive-death-spiral" rel="noopener noreferrer nofollow">viability of corporate Bitcoin treasury strategies</a> is being questioned, particularly in a market where continued volatility and thin liquidity increase the risk that further downturns could wipe out unrealized gains.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-price-four-year-cycle-analysts-split-trade-secrets/" rel="noopener noreferrer nofollow">Crypto carnage — Is Bitcoin’s 4-year cycle over? Trade Secrets</a>

Twenty One Capital eyes Tuesday debut following Cantor Equity Partners merger

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