Bitcoin (CRYPTO: BTC) is about to get a Wall Street coming out party unlike anything the industry has seen before. On December 9, Twenty One Capital will debut on the New York Stock Exchange under ticker symbol XXI, marking the first Bitcoin native company to trade on the prestigious exchange and positioning itself as the largest Bitcoin treasury firm on the NYSE.
The listing comes after shareholders approved the merger between Twenty One Capital and Cantor Equity Partners Inc. (NASDAQ: CEP) on December 3, clearing the final hurdle for what promises to be a watershed moment for crypto’s integration into traditional finance. The merger is set to close on December 8, with trading beginning just one day later.
Leading The Bitcoin Treasury Movement
Twenty One Capital will launch with approximately 43,514 BTC valued at roughly $4 billion, making it among the top three publicly traded Bitcoin holders globally and the largest specifically on the NYSE. Strategy Inc. (NASDAQ: MSTR), formerly known as MicroStrategy, remains the undisputed leader with approximately 650,000 BTC, while MARA Holdings Inc. (NASDAQ: MARA) holds around 52,000 BTC.
The company is led by Jack Mallers, founder and CEO of Strike, the Bitcoin Lightning Network payments company. Mallers has become a prominent voice in the crypto industry, most notably for his role in helping El Salvador adopt Bitcoin as legal tender in 2021. His selection as Twenty One Capital’s CEO signals the company’s commitment to pure play Bitcoin exposure.
Twenty One Capital has backing from major institutional players, including Tether and Bitfinex as majority owners, alongside significant investments from SoftBank Group and Cantor Fitzgerald. This heavyweight support underscores growing institutional confidence in Bitcoin as a corporate treasury asset.
Differentiation Through Bitcoin Per Share Metric
What sets Twenty One Capital apart from other digital asset treasury companies is its introduction of the Bitcoin Per Share metric, which will allow investors to track the company’s Bitcoin holdings in real time through onchain proof of reserves. This level of transparency aims to give shareholders verifiable data on their exposure, addressing concerns about opacity that have plagued some competitors.
The company has positioned itself as “the first Bitcoin native company” and emphasizes capital efficient Bitcoin accumulation as its core strategy. Unlike Strategy, which still maintains a legacy software business, or mining companies like Marathon that generate Bitcoin through operations, Twenty One Capital plans to focus exclusively on Bitcoin related business lines.
Pre-merger, Cantor Equity Partners raised $585 million through Private Investment in Public Equity financing, while Twenty One Capital sold $100 million in convertible notes. These funds have already been partially deployed to expand the Bitcoin treasury, with Tether contributing an additional 5,800 BTC in July to bring total holdings above 43,000 coins.
Entering A Competitive But Growing Market
The Bitcoin treasury company model has experienced significant growth in 2025, with institutional adoption accelerating as regulatory clarity improves. Strategy remains the dominant player with over 650,000 BTC accumulated through aggressive at-the-market stock offerings and convertible debt issuances.
However, the Bitcoin treasury model faces scrutiny as market dynamics shift. Strategy’s drawdown could be muted if it holds its Bitcoin through volatility, raising questions about sustainability as Bitcoin spot ETFs provide simpler exposure options for investors. Critics argue these companies rely on perpetual market enthusiasm rather than fundamental business value.
Twenty One Capital enters this competitive landscape with the advantage of institutional credibility from its Cantor Fitzgerald backing and NYSE listing, potentially attracting conservative investors who prefer the exchange’s regulatory oversight and 200 year history of customer protections.
Timing And Market Context
The December 9 debut comes during a volatile period for Bitcoin, which has struggled to maintain momentum above $95,000 despite earlier rallies past $100,000 in October. Broader crypto market sentiment remains cautious, with analysts suggesting Bitcoin’s 2025 bull run may be over while 2026 could surprise investors.
Twenty One Capital’s NYSE listing will test whether Wall Street appetite for Bitcoin exposure through equity markets remains strong, or if the model faces headwinds as spot ETFs and direct custody options mature. According to the company, the combined entity will operate under Twenty One Capital, Inc. beginning December 9, 2025.
For investors watching the Bitcoin treasury trend, December 9 marks a significant milestone. Whether Twenty One Capital can deliver on its promise of shareholder value through pure play Bitcoin exposure, or succumbs to the same valuation challenges facing competitors, will likely influence the next wave of corporate crypto adoption. As CoinDesk reports, the firm’s business will focus on capital efficient Bitcoin accumulation and developing services related to the Bitcoin ecosystem.