Twenty One Capital

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.

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

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

• Bitcoin treasury
• Digital asset treasury
• Public bitcoin exposure
• Bitcoin financial services
• Cryptocurrency investment vehicle

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core 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.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered flagship.

• StrikeflagshipStrategic or Co-development Partner · 29 April 2026Strike, 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 EnergyflagshipStrategic or Co-development Partner · 29 April 2026Elektron 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)flagshipStrategic or Co-development Partner · 23 April 2025Cantor 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

Direct 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

• Xx.com/Twentyone_capit

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Twenty One Capital