Twenty One’s future shares will trade under the ticker XXI once its SPAC deal closes. The CEO, Jack Mallers, says approvals are in motion, though he stopped short of naming a date. Investors have already seen wild swings: XXI shares jumped from $10.65 to $59.73 on May 2, then slid back to $29.84, and climbed another 5.2% in after-hours trading following this latest buy.
Tether isn’t alone in funding Twenty One. SoftBank has pledged $900 million. Bitfinex, another crypto firm, will convert about 7,000 BTC into equity at $10 per share. Cantor Fitzgerald is leading the SPAC, lining up $585 million to back more Bitcoin buys. Those names lend weight, but each partner brings its own risks, from market moves to shifting strategies.
Twenty One’s pitch is simple: grow Bitcoin per share. According to its SEC presentation, profit won’t drive its strategy. Instead, every dollar raised will aim to buy more BTC. That contrasts with most public companies, which measure success by earnings per share. Here, a rise in BTC holdings is the goal.
In the coming weeks, market watchers will track both the SEC’s green light and how Twenty One manages its expanding Bitcoin stash. The answer will shape whether stablecoin issuers become big new players in the Bitcoin game.
Featured image from Gemini Imagen, chart from TradingView
