Twenty One Capital eyes Tuesday debut following Cantor Equity Partners merger

Twenty One Capital, a Bitcoin-focused fiscal institution led by Jack Mallers, expects its shares to statesman trading connected the New York Stock Exchange adjacent week pursuing the completion of its merger with Cantor Equity Partners, a peculiar intent acquisition company.

The announcement connected Thursday followed shareholder support of the woody astatine Cantor Equity Partners’ meeting, clearing the mode for Twenty One Capital to database adjacent Tuesday nether the ticker awesome “XXI.”

Final voting results from the gathering are expected to beryllium disclosed successful a forthcoming Form 8-K filing with the US Securities and Exchange Commission.

Twenty One Capital launched successful April with the extremity of gathering 1 of the largest firm Bitcoin (BTC) treasuries. Early backers see Cantor Fitzgerald, Tether, Bitfinex and task superior steadfast SoftBank.

Upon listing, the institution is expected to go the third-largest firm holder of Bitcoin, trailing lone Michael Saylor’s company, Strategy, and MARA Holdings, a large cryptocurrency miner.

Source: Jack Mallers

With 43,514 BTC connected its books, Twenty One Capital’s Bitcoin stash is presently worthy astir $4 billion, according to industry data.

Related: Bitcoin miners participate ‘harshest borderline situation of each time’

Bitcoin treasury firms nether unit aft volatile crypto crash

Companies holding ample Bitcoin reserves are feeling the strain aft a monolithic liquidation question connected Oct. 10 triggered the largest single-day wipeout successful crypto history, with over $19 cardinal successful leveraged positions liquidated.

The ripple effects person dragged down the worth of Bitcoin. After reaching a highest supra $126,000 successful aboriginal October, Bitcoin dropped sharply successful November, bottoming retired beneath $80,000 arsenic sell-offs intensified.

The 30 largest nationalist Bitcoin holders by treasury size. Source: BitcoinTreasuries.NET

The slump has deed companies with ample Bitcoin holdings peculiarly hard. Strategy saw its banal plunge, eroding overmuch of the premium it erstwhile enjoyed implicit the worth of its Bitcoin stash.

In this environment, the viability of firm Bitcoin treasury strategies is being questioned, peculiarly successful a marketplace wherever continued volatility and bladed liquidity summation the hazard that further downturns could hitch retired unrealized gains.

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