In the series of Bitcoin treasuries that have appeared over the course of the year, it is now time for stablecoin giant Tether and its company Twenty One, whose XXI shares will be listed on the stock market on December 9. Here is an update.
Bitcoin Treasury Twenty One launches trading of its XXI shares
Faced with constant growth, it is becoming difficult to estimate the number of Digital Asset Treasuries (DATs) launched since the beginning of the year, even when limiting ourselves to those that have chosen the most traditional route, basing their strategy on Bitcoin accumulation.
The market leader in stablecoins, Tether, joined this multitude last April with the announcement of a project called “Twenty One,” built in partnership with the cryptocurrency exchange platform Bitfinex, the SoftBank group, and the historic figure of the Bitcoin scene, Jack Mallers.
The plan is to present the company as “Bitcoin-native” in order to differentiate it from traditional Bitcoin Treasuries. However, the model remains fairly similar, considering that the operation is based on a transformation of Cantor Equity Partners, already listed on the stock exchange under the ticker CEP, using a Special Purpose Acquisition Company (SPAC) procedure.
Following this decisive step, all that remained was to make things official with the launch of trading in Twenty One’s Class A common shares on the New York Stock Exchange (NYSE) under the ticker symbol “XXI.” This transaction will take place on December 9.
Being listed on the NYSE gives Bitcoin the place it deserves in global markets and offers investors the best of Bitcoin: its strength as a store of value and the upside potential of a company built on it.
Jack Mallers
The world’s third-largest Bitcoin holder
In fact, Twenty One currently holds a total of 43,500 BTC (approximately $4 billion) in its treasury, making it the third largest publicly traded Bitcoin Treasury in the world, behind leader Strategy (660,624 BTC) and Mara Holdings (53,250 BTC).
This position does not allow Cantor Equity Partners—soon to be Twenty One—to withstand the crisis affecting the sector, despite an initial and meteoric 370% rise, which has now given way to a decline of more than 70% since its peak on May 1 at $50.
And it’s fair to say that things are not looking any better at the moment, with the share price currently projected to fall by almost 30% during the US stock market closure. This amount corresponds almost exactly to the price of the PIPE shares offered last April.
But there is no need to worry, according to its founders, as Twenty One “plans to create a set of Bitcoin-focused activities designed to generate recurring revenue and strengthen institutional commitment to Bitcoin” in parallel with its accumulation strategy.
