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May 29, 2025 – Twenty One (XXI), a pioneering Bitcoin-native public company, today announced it has raised an additional $100 million through convertible senior secured notes, pushing its total capital raised to $685 million. This significant funding milestone comes as the firm advances toward a planned merger with Nasdaq-listed Cantor Equity Partners (CEP), aiming to become a publicly-traded Bitcoin treasury company.
The latest $100 million in financing was secured from existing investors and sponsors who exercised an option to purchase more notes, initially granted during an April fundraising round. This new influx of capital adds to the $385 million initially committed through convertible notes and $200 million from a private investment in public equity (PIPE) disclosed last month, bringing the total note financing to $485 million. The new notes carry a 1% coupon and are due in 2030.
Twenty One is structured to maximize Bitcoin ownership per share (BPS) and is led by Jack Mallers, the founder and CEO of Strike. The company is backed by a formidable consortium of industry leaders, including Tether (a co-founder and majority stakeholder), Bitfinex, and SoftBank Group.
A New Era for Bitcoin Treasury Strategy
Twenty One represents the latest example of a firm adopting a robust crypto treasury strategy, following in the footsteps of companies like MicroStrategy (MSTR). The firm's mission is to accelerate Bitcoin adoption and literacy through a range of financial products, media initiatives, and strategic services.
"We believe that Bitcoin is the answer, and Twenty One is how we bring that answer to public markets," said Jack Mallers, Co-Founder and CEO of Twenty One. "Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time. We're not here to beat the market, we're here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners."
The company recently disclosed a $458 million Bitcoin acquisition earlier this month, further solidifying its position. Twenty One currently holds 31,500 BTC, with plans to launch with an initial treasury of over 42,000 Bitcoin, which would make it one of the largest corporate Bitcoin holders globally.
Strategic Merger with Cantor Equity Partners
Twenty One is being launched by Brandon Lutnick—the son of U.S. Commerce Secretary and former Cantor Fitzgerald chairman Howard Lutnick—via a Special Purpose Acquisition Company (SPAC) structure using Cantor Equity Partners. The business combination agreement with CEP was announced on April 23, 2025. Upon closing, shares of Cantor Equity Partners will continue to trade on Nasdaq under the symbol "CEP" until the closing of the transaction, after which Twenty One will seek to trade under the ticker symbol "XXI." The transaction values Twenty One at a pro-forma enterprise value of $3.6 billion.
"With a visionary leader at the helm and backing from two renowned industry leaders, Twenty One is designed to help investors capture value from Bitcoin's growing global demand and increasing institutional adoption," stated Brandon Lutnick, Chairman & CEO of Cantor Equity Partners, Inc.
Twenty One aims to be the most effective public vehicle for Bitcoin accumulation and monetization, with a Bitcoin-first approach that prioritizes accumulation over speculation. The net proceeds from the PIPE offerings will be used to purchase additional Bitcoin and for general corporate purposes.
Leadership and Vision
Jack Mallers, while continuing his role as CEO of Strike, will lead Twenty One as its Co-Founder and CEO. He has clarified that his commitment to Strike remains strong, emphasizing that both companies share the ethos of advancing Bitcoin, albeit with different focuses: Strike on global Bitcoin payments and Twenty One on increasing Bitcoin ownership per share and pioneering Bitcoin-native financial tools.
Twenty One intends to develop a corporate architecture capable of supporting financial products built with and on Bitcoin, including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with Bitcoin-aligned alternatives. As a pro-Bitcoin advocate, Twenty One also plans to produce original Bitcoin-focused content and media.
About Twenty One
Twenty One (XXI) is a Bitcoin-native public company structured to maximize Bitcoin ownership per share (BPS). Led by Strike founder Jack Mallers and backed by Tether, Bitfinex, and SoftBank, it operates entirely on a Bitcoin standard. The company is focused on accelerating Bitcoin adoption and literacy through a range of financial products, media initiatives, and strategic services. With current holdings of 31,500 BTC and plans to launch with over 42,000 BTC, it aims to be the most effective public vehicle for Bitcoin accumulation and monetization.
About Cantor Equity Partners
Cantor Equity Partners (CEP) is a special purpose acquisition company (SPAC) sponsored by an affiliate of Cantor Fitzgerald, a leading global financial services and real estate services holding company. CEP is led by Chairman and Chief Executive Officer Brandon Lutnick.
Compiled by CMO Intern team
