Twenty One Capital will add 5,800 BTC and move above 43,500 BTC in total holdings
Twenty One Capital, Inc. announced that it will receive an additional 5,800 Bitcoin from Tether when its business combination with Cantor Equity Partners (Nasdaq: CEP) closes. With that transfer, the company said its total Bitcoin treasury will rise to more than 43,500 BTC, making it the third largest corporate Bitcoin treasury globally.
The announcement positions Twenty One not simply as a company that owns Bitcoin on its balance sheet, but as a public-market vehicle designed around Bitcoin itself. Rather than treating BTC as a side allocation, the company appears to be building its identity, reporting framework, and investor pitch around direct Bitcoin exposure through a listed corporate structure.
Average acquisition cost, ticker XXI, and the new Bitcoin Per Share metric
According to the company, its Bitcoin was acquired at a blended average cost of $87,280.37 per BTC. After listing, Twenty One plans to trade under the ticker XXI. The company also said that each share will represent approximately 12,559 sats, giving investors a more explicit way to think about ownership in Bitcoin-denominated terms.
In addition, Twenty One introduced a new reporting concept: Bitcoin Per Share (BPS). This metric is intended to replace the traditional EPS framework, or earnings per share, with a Bitcoin-based measure of performance. For a company whose central thesis is that Bitcoin should sit at the core of the corporate model, BPS is meant to align investor analysis with BTC accumulation and exposure rather than with conventional fiat-based accounting expectations alone.
Jack Mallers says the company is built on Bitcoin and aimed at a new financial system
Co-founder and CEO Jack Mallers said the firm believes Bitcoin deserves a public company that is worthy of its ethos. He argued that, with the partners, capital, team, and structure already assembled, Twenty One is only at the beginning of what it intends to build. In his words, the company represents a new kind of public company: one built on Bitcoin, backed with proof, and driven by a vision of reshaping the global financial system.
Mallers also drew a sharp distinction between competing within the old system and building an alternative to it. He said the company is not here to beat the existing system, but to build a new one. That message closely follows long-standing Bitcoin narratives that frame BTC not merely as an investment asset, but as an independent monetary and financial protocol with a broader ideological and structural purpose.
All Bitcoin will be held transparently on-chain with real-time Proof of Reserves
On custody and transparency, the company said all of its Bitcoin will be held transparently on-chain, with real-time Proof of Reserves available for verification. That is a notable part of the company’s pitch, because it gives investors a direct mechanism to assess whether the reported Bitcoin treasury is actually there, rather than relying only on periodic corporate disclosures.
Twenty One said this structure is designed to give investors Bitcoin exposure without the liabilities associated with legacy financial systems. In practical terms, the firm is trying to combine the accessibility and tradability of a public company with the verifiability of on-chain asset disclosure. That combination is central to how it differentiates itself from companies that merely hold BTC as one treasury asset among many.
Tether, Bitfinex, and SoftBank form the core ownership structure
Paolo Ardoino, CEO of Tether, endorsed the strategy by saying that Bitcoin represents more than a financial asset. In his view, it is a foundational protocol for freedom, transparency, and resilience. He said Twenty One captures that ethos in corporate form by anchoring its model entirely to Bitcoin and breaking from legacy financial conventions, while pointing toward a future in which value is truly sovereign.
In terms of ownership, Tether and Bitfinex will hold a majority stake in Twenty One. SoftBank will participate as a significant minority investor. The rest of the ownership will be shared among PIPE investors, public shareholders of CEP, and Cantor Fitzgerald. This shareholder mix highlights the company’s unusual position at the intersection of crypto-native capital, major strategic backers, and traditional financial market participants.