Business Combination with Cantor Equity Partners Approved
Twenty One Capital has received shareholder approval for its business combination with Cantor Equity Partners, positioning the Bitcoin treasury firm to begin trading on the New York Stock Exchange next week. CEP shareholders voted in favor of the proposed merger and all related proposals.
The transaction is expected to close around Dec. 8, pending completion of closing conditions outlined in regulatory filings with the SEC. Upon completion of the business combination and associated PIPE financing, the merged entity will operate under the Twenty One Capital name.
The company's Class A common stock is anticipated to begin trading on Dec. 9 using the ticker symbol XXI. Twenty One Capital has branded itself as the first-ever Bitcoin-native company expecting to be publicly listed.
Company Holdings and Market Position
"Game on. See you at the NYSE on Tuesday," Twenty One CEO and co-founder Jack Mallers posted on X. The company announced in July that it will hold approximately 43,500 Bitcoin when trading begins, currently worth about $4 billion following an addition of 5,800 Bitcoin from stablecoin giant Tether.
This positions the firm as potentially the third-largest corporate Bitcoin holder, trailing only Strategy and Bitcoin miner MARA. Twenty One, first announced in April, is a collaborative venture between Tether, Bitfinex, Cantor Fitzgerald and SoftBank.
The company's name refers to Bitcoin's total possible supply of 21 million coins, with approximately 19.95 million Bitcoin mined to date.
Market Performance and Bitcoin's Volatility
Cantor Equity Partners stock surged Thursday following the late Wednesday announcement, recently up about 22% to a price of $14.50. However, CEP remains down roughly 66% over the last six months after spiking in April following the merger announcement.
Bitcoin is up about 2.5% on the week, recently trading above $93,000 after rebounding from a dive below $85,000 on Monday.
Bitcoin has fallen sharply over the last two months since setting a new all-time high mark above $126,000 in early October, currently down 26% from that peak. With the Federal Reserve's interest rate decision less than a week away, speculation is rife among Bitcoin investors, with more than $6 billion in positions at risk of liquidation.
Nearly $3 billion in short positions will be liquidated if Bitcoin moves just 3% to $96,250, according to CoinGlass data. On the other hand, $3.52 billion in long positions will be blown out if Bitcoin drops 4.54% to $89,209.