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Tether-Backed 'Twenty One' Completes SPAC Merger with Cantor Equity Partners

The newco's shares lost one-quarter of their value on the first day of trading.
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Dec 9, 2025 • 1 min read

Twenty One – a BTC accumulation vehicle – has completed its merger with Cantor Equity Partners, a blank check shell company created by Cantor Fitzgerald that had previously listed to the New York Stock Exchange.

The combined company, which is now trading under ticker symbol XXI, fell as much as 25% during today's session.

What's the Scoop?

  • Bitcoin Whale: Twenty One holds approximately 43k BTC (worth just over $4B) and ranks as the third largest corporate holder of bitcoin. XXI's market capitalization, which exploded to a 4x multiple of the company's net bitcoin holdings post-merger announcement in April, has now fallen to parity against NAV.
  • Prominent Investors: Major Twenty One investors include crypto stablecoin issuer Tether, Tether parent company Bitfinex, Japanese investment conglomerate SoftBank, and U.S. Commerce Secretary Howard Lutnick’s financial services firm (Cantor Fitzgerald).

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