In the series of Bitcoin treasuries that have emerged over the past year, it’s now the turn of stablecoin giant Tether and its subsidiary Twenty One, whose XXI stock is set to go public on December 9. Here’s an update.
The Bitcoin Treasury Twenty One Launches Trading of Its XXI Shares
With numbers constantly rising, it’s becoming difficult to estimate how many Digital Asset Treasuries (DATs) have been launched since the start of the year—even when limiting the count to only those that have taken the most traditional approach by basing their strategy on Bitcoin accumulation.
Among this multitude, Tether—the market leader in stablecoins—joined the fray last April with the announcement of a project called “Twenty One,” developed in partnership with the cryptocurrency exchange Bitfinex, the SoftBank Group, and Bitcoin veteran Jack Mallers.
The plan: a company presented as “Bitcoin-native” in an attempt to differentiate it from traditional Bitcoin Treasuries. However, the model remains quite similar, considering that the transaction involves a restructuring of Cantor Equity Partners—already publicly traded under the ticker symbol CEP—using a Special Purpose Acquisition Company (SPAC) structure.
Following this decisive step, all that remained was to make things official with the launch of trading in Twenty One’s Class A common stock on the New York Stock Exchange (NYSE) under the ticker “XXI.” This transaction is set to take place on December 9.
Being listed on the NYSE means giving Bitcoin the place it deserves in global markets and offering 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 corporate holder of Bitcoin
In fact, Twenty One currently holds a total of 43,500 BTC (approximately $4 billion) in its treasury, making it the world’s third-largest publicly traded Bitcoin treasury, behind the leader Strategy (660,624 BTC) and Mara Holdings (53,250 BTC).
This position has prevented Cantor Equity Partners stock—soon to be Twenty One—from weathering the crisis hitting the sector, despite an initial, meteoric 370% surge that has since given way to a decline of more than 70% from its May 1 high of $50.
And needless to say, things aren’t looking any better right now, with the stock price currently projected to fall by nearly 30% during the U.S. market close. This figure corresponds almost exactly to the price of the PIPE shares offered last April.
Cantor Equity Partners stock is down 70% from its May 1 high
But there’s no need for concern, according to its founders, as Twenty One “plans to build a suite of Bitcoin-focused businesses designed to generate recurring revenue and strengthen institutional engagement with Bitcoin” alongside its accumulation strategy.
