Twenty One Capital
Twenty One Capital (NYSE: XXI) is a publicly traded Bitcoin-native treasury and investment company holding over 43,500 BTC, majority-owned by Tether and Bitfinex, that uses Bitcoin-denominated metrics (BPS/BRR) to maximize Bitcoin ownership per share.
- Company typePublic
- Founded2025
- HeadquartersAustin, United States
- Headcount—
- GTM typeB2C
- OfferingServices
What Twenty One Capital does
Twenty One Capital, Inc. (NYSE: XXI) is a publicly traded Bitcoin-native treasury and investment company headquartered in Austin, Texas, formed via a December 2025 de-SPAC business combination with Cantor Equity Partners (a Cantor Fitzgerald-sponsored SPAC). At NYSE debut on December 9, 2025, the company held over 43,500 Bitcoin (valued at approximately $4 billion) — making it the third-largest corporate Bitcoin treasury globally — and framed its operating mandate around maximizing Bitcoin ownership per fully-diluted share rather than fiat earnings per share. The company's core technology and reporting framework centers on two proprietary Bitcoin-denominated metrics: Bitcoin Per Share (BPS), measuring the amount of Bitcoin each share represents, and Bitcoin Return Rate (BRR), measuring the growth rate of BPS over time. The "XXI Standard" white paper describes a corporate architecture built around Bitcoin's 21 million supply cap, with planned extensions into native lending, capital market instruments, and Bitcoin-aligned alternatives to legacy financial tools; live onchain proof of reserves is provided as a structural transparency mechanism.
The company is majority-owned by Tether (Tether Investments / Tether International) alongside co-majority owner Bitfinex (iFinex); SoftBank Group held a significant minority stake (~26%) through May 2026, when Tether acquired it for approximately $679 million, consolidating Tether as controlling shareholder. Co-founder and CEO Jack Mallers (also founder/CEO of Strike) leads the company alongside CFO Steven Meehan and an independent board chaired under post-SoftBank governance. Distribution is conducted through the NYSE public equity listing (ticker XXI), supported by an investor relations portal and a planned branded Bitcoin education and media layer. As of May 2026 the company has reported zero annual revenue, negative earnings per share of -$4.416, and a $859.7 million Q1 2026 net loss. In April 2026 Tether proposed a three-way merger with Strike (a Bitcoin financial services platform in 100+ countries) and Elektron Energy (a Bitcoin mining platform operating ~50 EH/s, approximately 5% of network hashpower) to transform Twenty One from a passive treasury vehicle into an integrated Bitcoin operating platform spanning treasury, mining, financial services, lending, and capital markets — terms, timing, and governance of that transaction remain pending.
Twenty One Capital firmographics
Firmographics- Name
- Twenty One Capital
- Legal name
- Twenty One Capital, Inc.
- Website
- https://xxi.money
- Company type
- Public
- Founded year
- 2025
- Operating status
- Operating
- Short description
- Twenty One Capital (NYSE: XXI) is a publicly traded Bitcoin-native treasury and investment company holding over 43,500 BTC, majority-owned by Tether and Bitfinex, that uses Bitcoin-denominated metrics (BPS/BRR) to maximize Bitcoin ownership per share.
- Ownership category
- akta.pro rank
Twenty One Capital industry classification
Industry- Product category
- Bitcoin Treasury
- NAICS
- Investment Banking and Securities Intermediation (523150), Other Financial Investment Activities (5239), Other Financial Vehicles (52599)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Tokenized Treasury, Money Market & Cash Management Products (FSADAEAB)
- akta.pro secondary industries
- Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG), Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ)
Keywords
Where Twenty One Capital is headquartered
LocationHeadquarters
- HQ city
- Austin
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Twenty One Capital business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others, Infrastructure
Revenue model
- Bitcoin Treasury Holding (Pre-Revenue): As of late May 2026, Twenty One Capital reported no annual revenue. The company's primary asset is its Bitcoin treasury of over 43,500 BTC; future revenue streams are planned from Bitcoin-native financial services, mining, lending, and capital markets businesses.
- Bitcoin-native Financial Products and Services (Planned): Planned development of native lending models, capital market instruments, and Bitcoin-aligned financial products to replace legacy financial tools. Includes proposed acquisitions of Strike (financial services) and Elektron Energy (mining) to build vertically integrated operating businesses with recurring revenue.
- Bitcoin Mining Operations (Proposed via Elektron): Proposed merger with Elektron Energy, which operates approximately 50 EH/s of mining fleet representing ~5% of the Bitcoin network's hashpower, would introduce mining-based revenue.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | One time/ perpetual license | Public equity via NYSE under ticker XXI |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Twenty One Capital product offering
Product offeringCore offering
Twenty One Capital is a publicly traded Bitcoin-native company (NYSE: XXI) whose core offering is a corporate Bitcoin treasury holding more than 43,500 BTC, made accessible to investors via NYSE-listed equity. The company operates under the XXI Standard corporate architecture and tracks performance through proprietary Bitcoin-denominated metrics (Bitcoin Per Share and Bitcoin Return Rate) with live onchain proof of reserves. The company plans to extend into Bitcoin-native financial products including native lending, capital market instruments, and via proposed mergers with Strike (financial services) and Elektron Energy (mining).
Product overview
Twenty One Capital (NYSE: XXI) is a single, Bitcoin-native operating company built around a core Bitcoin treasury product (more than 43,500 BTC held directly under the "XXI Standard"), rather than a platform-plus-modules SaaS architecture. Its native performance reporting consists of two proprietary metrics — Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR) — which together replace fiat EPS with Bitcoin-denominated shareholder value tracking. On top of the treasury core, the company is developing two product extensions: (1) Bitcoin-native financial infrastructure (the "XXI Standard"), encompassing native lending models and capital market instruments, and (2) a Bitcoin education and media offering intended to normalize and expand Bitcoin's relevance. A proposed three-way merger with Strike (Bitcoin financial services) and Elektron Energy (Bitcoin mining) would, if completed, extend the offering into operating Bitcoin mining infrastructure and consumer-facing financial services.
Differentiator
Problem solved
Functional benefit
Products and services
- Twenty One Capital Bitcoin Treasury (XXI Standard) Publicly traded Bitcoin treasury holding more than 43,500 BTC, accessible to investors via NYSE-listed equity under ticker XXI, structured to accumulate Bitcoin and grow Bitcoin ownership per share over time under the XXI Standard corporate architecture. Includes proprietary Bitcoin-denominated performance metrics (Bitcoin Per Share and Bitcoin Return Rate) and live onchain proof of reserves, providing transparent, publicly verifiable Bitcoin exposure to retail and institutional investors.
Companies that use Twenty One Capital
Customer profileSegments3 records
Ideal customer profiles3 records
Twenty One Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Twenty One Capital partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered flagship.
- StrikeflagshipStrike, a Bitcoin payments/financial services platform operating across 100+ countries and led by CEO Jack Mallers (also Twenty One's CEO), is the subject of a Tether-blessed proposed merger with Twenty One Capital. The combined entity would integrate Strike's consumer financial services platform and regulatory infrastructure with Twenty One's Bitcoin treasury.
- Elektron EnergyflagshipElektron Energy, a Bitcoin mining platform operating approximately 50 EH/s of mining fleet (~5% of Bitcoin network hashpower), is the subject of a proposed merger with Twenty One Capital alongside Strike. Elektron founder Raphael Zagury has been recommended by Tether to lead the combined entity as president.
- Cantor Fitzgerald / Cantor Equity Partners (CEP)flagshipCantor Equity Partners, a SPAC sponsored by an affiliate of Cantor Fitzgerald (Chairman/CEO Brandon Lutnick), merged with Twenty One Capital in a $3.6B pro-forma enterprise value de-SPAC business combination that closed around December 8, 2025, bringing Twenty One public on the NYSE. Cantor Fitzgerald & Co. acted as financial/capital markets advisor and placement agent for the PIPE financings.
Scale indicators13 records
Recent moves7 records
Expansion highlights5 records
Twenty One Capital competitors and assessment
Company assessmentDirect peers
- CleanSpark: A publicly traded Bitcoin mining company with a meaningful BTC treasury, directly comparable to XXI's proposed mining operations through Elektron Energy and its combined treasury-mining model.
- Hut 8: A publicly traded Bitcoin mining and infrastructure company with both self-mining and managed services operations; comparable to XXI's planned vertically integrated Bitcoin mining and infrastructure strategy.
- Core Scientific: A publicly traded Bitcoin mining and hosting company emerging from bankruptcy with significant hashpower capacity; comparable to XXI's mining ambitions via Elektron and its treasury-plus-mining business model.
- Marathon Digital Holdings: A large publicly traded Bitcoin miner with a significant BTC treasury holding; comparable to Twenty One's proposed mining operations via Elektron Energy and its broader Bitcoin-native corporate treasury strategy.
- Riot Platforms: A publicly traded Bitcoin mining and treasury company operating significant hashpower and holding BTC on balance sheet, comparable to XXI's Bitcoin-native treasury model combined with mining operations.
- Block (formerly Square): A publicly traded Bitcoin-focused financial technology company with consumer payments (Cash App) and Bitcoin treasury holdings; comparable to XXI's Strike-led consumer financial services vision and Bitcoin-native corporate strategy.
- Strategy (MicroStrategy): The original and largest corporate Bitcoin treasury company; Strategy holds over 200,000 BTC and pioneered the public-market Bitcoin treasury model. It is the closest direct comparable to Twenty One Capital's core business of holding Bitcoin on a corporate balance sheet.
Broad incumbents
- Coinbase Global: The largest publicly traded U.S. cryptocurrency exchange with institutional custody and a Bitcoin treasury; provides broader crypto exposure and infrastructure, comparable as a large-cap public market proxy for Bitcoin ecosystem participation.
Emerging players
- Strike: A Bitcoin-native consumer payments and financial services platform operating in 100+ countries, led by Jack Mallers; the subject of XXI's proposed acquisition, comparable in its Bitcoin financial services focus and target user base.
Others
- Tether Holdings: The world's largest stablecoin issuer and XXI's controlling shareholder; comparable as a major Bitcoin holder and ecosystem enabler, and as the financial backer enabling XXI's strategic acquisitions and treasury growth.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights6 records
Customer concentration
Twenty One Capital social profiles
Digital presenceTwenty One Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Twenty One Capital leadership team
Management profileNumber of profiles
Profiles3 records
Twenty One Capital subsidiaries and ownership
Company hierarchySubsidiaries2 records
Twenty One Capital funding detail
Funding detailFunding overview
Funding rounds3 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Twenty One Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Twenty One Capital
What does Twenty One Capital do?
Twenty One Capital is a publicly traded Bitcoin-native company (NYSE: XXI) whose core offering is a corporate Bitcoin treasury holding more than 43,500 BTC, made accessible to investors via NYSE-listed equity. The company operates under the XXI Standard corporate architecture and tracks performance through proprietary Bitcoin-denominated metrics (Bitcoin Per Share and Bitcoin Return Rate) with live onchain proof of reserves. The company plans to extend into Bitcoin-native financial products including native lending, capital market instruments, and via proposed mergers with Strike (financial services) and Elektron Energy (mining).
Is Twenty One Capital a public or private company?
Twenty One Capital is a public company. It is classified as public and is currently operating.
When was Twenty One Capital founded?
Twenty One Capital was founded in 2025.
Where is Twenty One Capital based?
Twenty One Capital is headquartered in Austin, United States, in the North America region.
How does Twenty One Capital make money?
Three revenue lines are on record. Bitcoin Treasury Holding (Pre-Revenue) is the primary driver. The others are bitcoin-native Financial Products and Services (Planned) and bitcoin Mining Operations (Proposed via Elektron).
Who are Twenty One Capital's main competitors?
Direct peers on record are CleanSpark, Hut 8, Core Scientific, Marathon Digital Holdings, Riot Platforms, Block (formerly Square) and Strategy (MicroStrategy). Coinbase Global is listed as a broad incumbent. Strike is listed as an emerging player. Tether Holdings is listed as an others.
Does Twenty One Capital have an API?
No public API is recorded for Twenty One Capital.
What industry is Twenty One Capital in?
Twenty One Capital's product category is Bitcoin Treasury. Its primary akta.pro industry code is FSADAEAB, Tokenized Treasury, Money Market & Cash Management Products, with a secondary code of FSAGAMAG, Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending). Its NAICS code is 523150 and its SIC code is 6211.