Bitcoin-centered Twenty One Capital is scheduled to list publicly on the New York Stock Exchange following shareholder ratification of its merger with Cantor Equity Partners.
Twenty One Capital, a Bitcoin-focused financial firm spearheaded by Jack Mallers, anticipates the commencement of share trading on the New York Stock Exchange next week, subsequent to the culmination of its merger with Cantor Equity Partners, a special purpose acquisition company.
The purchase was approved by shareholders at Cantor Equity Partners’ meeting on Thursday, which made it possible for Twenty One Capital to list next Tuesday under the ticker symbol “XXI.” The US Securities and Exchange Commission will soon release a Form 8-K filing with the final voting results from the meeting.
Twenty One Capital Poised to Become a Top Global Bitcoin Holder
Twenty One Capital started in April with the purpose of creating one of the biggest corporate Bitcoin (BTC) treasuries ($91,973). Cantor Fitzgerald, Tether, Bitfinex, and the venture capital firm SoftBank are some of the first people to support it.
When it goes public, the company is likely to become the third biggest holder of Bitcoin in the world, after only Michael Saylor’s company, Strategy, and MARA Holdings, a big cryptocurrency miner.
Industry data says that Twenty One Capital’s Bitcoin stockpile, which has 43,514 BTC, is worth around $4 billion right now.
Market Turbulence Pressures Corporate Bitcoin Treasuries
Bitcoin treasury companies are under a lot of pressure after the catastrophic crypto meltdown. Companies who own a lot of Bitcoin are feeling the pressure after a huge wave of liquidations on October 10 caused the worst single-day loss in crypto history, with more than $19 billion in leveraged positions being wiped out.
The consequences have caused the value of Bitcoin to drop. Bitcoin hit a high of more than $126,000 in early October, but it fell significantly in November, hitting a low of less than $80,000 as more people sold their coins.
Companies who own a lot of Bitcoin have been affected the hardest by the drop. Strategy’s stock price fell, which took away a lot of the premium it used to have over the value of its Bitcoin stockpile.