Twenty One Capital has begun trading on the New York Stock Exchange under the ticker symbol XXI following the completion of its business combination with Cantor Equity Partners.

The company, co-founded by Jack Mallers, stated that its long-term objective is to become the largest publicly traded corporate holder of Bitcoin. 

As of its market debut, Twenty One Capital reported holdings of 43,514 Bitcoin, valued at approximately $3.9 billion. 

This positions the firm as the third-largest public corporate holder of Bitcoin, behind Strategy and MARA Holdings.

Ahead of the listing, Mallers commented on the company’s approach to Bitcoin, stating, “Bitcoin is honest money. That’s why people choose it, and that’s why we built Twenty One on top of it.” 

He added, “listing on the NYSE is about giving Bitcoin the place it deserves in global markets and giving investors the best of Bitcoin: its strength as a reserve and the upside of a business built on it.”

Beyond holding Bitcoin on its balance sheet, Twenty One Capital plans to develop a “corporate architecture” intended to support financial products built on Bitcoin. 

According to the company, this may include Bitcoin-native lending models and capital markets instruments.

The firm launched in April with early backing from Cantor Fitzgerald, Tether, Bitfinex, and SoftBank. These entities represent a mix of traditional financial institutions, digital asset companies, and global investment firms.

Cantor Fitzgerald operates as a Federal Reserve Primary Dealer, while Tether is the issuer of the USDt stablecoin and a major holder of U.S. Treasury securities. SoftBank manages approximately $330 billion in assets, and Mallers is also the founder of the Bitcoin payments company Strike.

On Monday, blockchain analytics firm Arkham Intelligence reported that Twenty One Capital transferred its Bitcoin holdings into a newly created wallet prior to the start of public trading. The company did not publicly comment on the purpose of the transfer.

In addition to its treasury strategy, the company stated that it plans to establish Bitcoin-focused operating businesses intended to generate recurring revenue. 

These initiatives are expected to include educational content related to Bitcoin and the development of Bitcoin-aligned alternatives to traditional financial services.

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