Cantor Fitzgerald-Backed 'Twenty One' Launches Strategy Rival At $3 Billion Valuation

A new Bitcoin BTC/USD -centric public company, Twenty One , is set to launch through a SPAC merger with Cantor Equity Partners , bringing 42,000 Bitcoin under its control and targeting a $3.6 billion enterprise valuation. The deal positions the firm as a major corporate holder of Bitcoin, comparable to Strategy MSTR , which currently leads public companies in Bitcoin reserves .

What Happened: The transaction, announced Wednesday, involves backing from Tether USDT/USD , SoftBank Group and Jack Mallers , who will serve as CEO. The structure will see Twenty One majority-owned by Tether and Bitfinex , with SoftBank holding a significant minority stake. Once completed, the merger will make Twenty One the third-largest Bitcoin-holding public entity, trailing only Strategy and Tether.



It will begin trading under the ticker “XXI” on Nasdaq following the closure of the deal. Also Read: Brandon Lutnick, Tether, SoftBank Back $3 Billion Bitcoin Venture Why It Matters: In addition to the merger, Twenty One has secured $585 million in new capital, $385 million through convertible senior secured notes and $200 million in equity, intended for purchasing additional Bitcoin and general operations. Tether has agreed to acquire the Bitcoin on behalf of the company prior to closing.

Jack Mallers, best known as the founder of Strike, will lead Twenty One with a focus on increasing Bitcoin ownership per share, rather than tracking fiat-denominated earnings. The company plans to introduce Bitcoin-specific performance metrics, including "Bitcoin Per Share" (BPS) and "Bitcoin Return Rate" (BRR). According to filings, the company will also explore developing Bitcoin-native financial instruments and products, ranging from capital markets tools to lending models.

The intent is to build a pure-play public entity focused solely on Bitcoin accumulation and adoption. While the company aims to capitalize on institutional demand for Bitcoin exposure, analysts note that its performance will be closely tied to Bitcoin market cycles and broader macroeconomic trends affecting digital assets. The deal remains subject to shareholder approval and other standard conditions.

Shares of Cantor Equity Partners will continue to trade under the symbol “CEP” until the transaction closes. Read Next: XRP, Ethereum, Solana, Dogecoin Surge 10% On Bitcoin’s $94,000 Push: How High Can They Go? Image: Shutterstock Stock Score Locked: Want to See it? Benzinga Rankings give you vital metrics on any stock – anytime. © 2025 Benzinga.

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