Company's Public Listing and Bitcoin Custody
Twenty One Capital is preparing for its debut on the New York Stock Exchange under the ticker symbol XXI this week by taking direct custody of its Bitcoin holdings. The Bitcoin-focused company announced it will transfer over 43,500 Bitcoins from escrow as part of closing its merger with Cantor Equity Partners.
Rationale Behind Bitcoin Transfer
Twenty One Capital’s merger with Cantor Equity Partners required that the 43,500 Bitcoins be held in escrow wallets during the approval process. The tokens came from multiple sources throughout 2025. Tether, Bitfinex, and SoftBank provided the initial holdings, and additional purchases were made through private investment financing.
CEP shareholders approved the merger on December 4, and by December 8, the deal will be closed.
Twenty One Capital’s CEO, Jack Mallers, announced the transfer publicly on X to get ahead of any concerns or speculation about the large on-chain movement. In crypto markets, major transfers often spark fear, uncertainty, and doubt (FUD) among traders who worry about potential sell-offs.
The company will introduce a Bitcoin Per Share metric with real-time on-chain proof of reserves, allowing investors to track holdings transparently.
Entry into the Stock Market and Market Context
Twenty One Capital raised significant capital before going public. Cantor Equity Partners raised $585 million through private investment financing, while Twenty One Capital sold $100 million in convertible notes.
If the December 9 listing succeeds, Twenty One Capital will become the first Bitcoin-native company to trade on the NYSE, joining several Bitcoin ETFs already listed on the exchange, including products from BlackRock and Fidelity.
Bitcoin prices are currently volatile after the digital asset grew past $100,000 earlier this year. Now, the coin is back up to trading for about $95,000 after dropping below $90,000 in recent weeks.
Despite this, Bitcoin and crypto companies are increasingly filing for listings as regulatory conditions improve under the Trump administration.
Other Crypto Companies Pursuing Public Offerings
Kraken, one of the world’s largest cryptocurrency exchanges, confidentially filed for an IPO with the SEC on November 19.
A day before the filing, Cryptopolitan reported that Kraken announced an $800 million fundraise at a $20 billion valuation. The exchange reported $1.5 billion in revenue for 2024, and the company exceeded that amount in just the first nine months of 2025. Industry analysts expect Kraken to attempt a public debut in the first quarter of 2026.
Bitcoin Infrastructure Acquisition Corp listed on Nasdaq on December 2 after pricing its special purpose acquisition company (SPAC) IPO at $10 per unit to raise $200 million. BTC Development Corp, another bitcoin-focused SPAC, opened on Nasdaq on September 30 after raising $220 million.