Twenty One (ticker "XXI") is a public company with a unique model: its entire treasury is denominated in Bitcoin. Following a SPAC merger with Cantor Equity Partners, Twenty One launched with approximately 42,000 BTC in reserves, backed by strategic supporters including Tether, Bitfinex, SoftBank, and others. The project's mission is to reorient corporate finance and valuation toward Bitcoin and introduce a new metric—Bitcoin per Share—replacing traditional fiat-based models.
Table of Contents
- Overview and Mission of Twenty One
- Financial Structure and Investors
- BTC Accumulation Strategy
- On-Chain Innovation Model
- Governance, Metrics, and Ticker
- Roadmap and Project Outlook
- Conclusion
1. Overview and Mission of Twenty One
Twenty One represents the first public company whose corporate treasury is entirely held in Bitcoin. Its mission is to rethink traditional financial principles by replacing fiat assets with digital scarcity and making Bitcoin per Share the central valuation metric. This approach aims to protect shareholders from inflation and currency debasement, while creating a direct, transparent link between BTC price and corporate equity. Over the long term, the company seeks to build a Bitcoin-native financial infrastructure—from lending platforms to tokenized treasury products and on-chain governance tools.
2. Financial Structure and Investors
Twenty One went public through a SPAC merger with Cantor Equity Partners (NASDAQ: CEP), resulting in a post-merger valuation of approximately $3.6 billion. The deal included $385 million in convertible notes, $200 million via a PIPE (Private Investment in Public Equity), and $100 million in SPAC-held cash. An additional $100 million note issuance option enhances flexibility for future BTC purchases.
Major investors include Tether, Bitfinex, SoftBank, and Jack Mallers. Their combined institutional and crypto-native backing offers both deep liquidity and strategic alignment, forming a strong base for implementing Twenty One’s BTC treasury model.
3. BTC Accumulation Strategy
One of the core pillars of Twenty One is a long-term, structured Bitcoin accumulation strategy. In May 2025, the company—supported by Tether—acquired 4,812 BTC for $458.7 million, bringing its reserves to around 36,312 BTC. Additional BTC were transferred from Bitfinex and affiliates, raising the total to roughly 37,230 BTC. The company's goal is to hold 42,000 BTC, placing it among the top three corporate Bitcoin holders globally, alongside MicroStrategy and Block.
To achieve this, Twenty One utilizes the following mechanisms:
- PIPE financing — the primary funding source for BTC acquisitions.
- Convertible notes with issuance option — offer flexibility and scalability.
- BTC escrow via Tether — reduces market impact and enhances transaction efficiency.
This strategy supports steady treasury growth while showcasing the company's maturity in digital asset management. Twenty One is building a structured system where every component serves the broader objective: maximizing Bitcoin as the cornerstone of its corporate model.
4. On-Chain Innovation Model
Twenty One is not limited to the role of a passive Bitcoin holder — on the contrary, the project aims to build a comprehensive financial infrastructure based on Bitcoin and fully integrated within the blockchain environment. Its core mission is to develop tools and services that enable BTC to function effectively as a foundational asset in the institutional financial landscape. The focus is on creating products and solutions that operate independently of traditional currencies or banks, while still delivering the functionality expected from conventional capital markets.
Key planned innovations include:
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BTC-denominated lending and borrowing — users will be able to take and offer loans that are either collateralized or denominated in Bitcoin, without converting to fiat;
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Tokenized treasury-linked products — digital assets that represent a share of the corporate BTC treasury, available for trading and use within DeFi platforms;
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BTC-backed yield products — instruments that allow Bitcoin holders to earn yield without exiting the project’s ecosystem.
This model ensures high transparency and purity, with every product backed by real BTC—not synthetic derivatives. Analysts compare it to the MicroStrategy (Saylor) model, but with broader on-chain integration and product scope.
In this way, Twenty One is creating foundational infrastructure for a Bitcoin-native financial layer, becoming a liquidity and service provider exclusively within the BTC domain—an approach that distinguishes it even beyond the crypto sector.
5. Governance, Metrics, and Ticker
Upon completion of the SPAC transaction, the CEP ticker will change to XXI. This marks Twenty One’s official status as a public company focused on Bitcoin-centric capital markets. Governance is managed by a diverse board of crypto and financial industry veterans, and regulatory compliance is maintained under SEC frameworks.
Unlike traditional firms, Twenty One does not rely on earnings per share (EPS). Instead, it introduces a Bitcoin-native model of valuation and performance measurement.
Key performance metrics include:
| Metric | Description |
|---|---|
| Bitcoin per Share (BPS) | Represents the amount of BTC backing each share. Directly ties shareholder value to BTC reserves. |
| Bitcoin Return Rate (BRR) | Measures BPS growth over time—reflecting how effectively the company increases its BTC holdings. |
| Total BTC Holdings | The company’s full BTC treasury balance, serving as an indicator of strategic scale and resilience. |
These metrics redefine corporate valuation based on digital scarcity rather than fiat income, positioning Twenty One as a model of transparent, BTC-native financial structure.
6. Roadmap and Project Outlook
Currently in its post-SPAC integration phase, Twenty One is focused on key milestones: finalizing the ticker change to XXI, scaling its BTC treasury to 42,000 BTC, and launching BTC lending services. It is also expanding partnerships for liquidity and institutional market access.
The team is actively building a dedicated media and education platform to promote Bitcoin as a corporate reserve asset and cultural standard. By combining financial tools with infrastructure and narrative, Twenty One aims to lead institutional adoption of BTC at scale.
If successful, the company could serve as a blueprint for a new generation of public firms—transparent, Bitcoin-denominated, and independent of fiat-driven valuation norms.
7. Conclusion
Twenty One represents a shift from BTC accumulation to the creation of an integrated Bitcoin-native financial ecosystem. With its Bitcoin per Share model, rejection of fiat dependence, and strong backing from strategic investors, it establishes a new kind of public financial institution rooted in digital scarcity and transparency.
The next phase—including SPAC finalization, expansion of BTC reserves, and rollout of on-chain services—may set a benchmark for future public crypto-native companies. More than a treasury, Twenty One is building a framework for a financial future where Bitcoin serves as both asset and accounting unit.
If fully realized, the project could become a flagship example of how the corporate world can adapt to—and thrive within—a digitally scarce economy where Bitcoin defines value and capital integrity.
