Cantor Equity Partners to merge with Twenty One Capital, may go public under the ticker "XXI"

According to the official website of the U.S. Securities and Exchange Commission (SEC), Cantor Equity Partners, an affiliate of Tether asset custodian Cantor Fitzgerald, and Twenty One Capital, which focuses on Bitcoin financial services, have submitted a draft S-4 registration statement for the proposed merger transaction. The transaction was initially made public on April 23, 2025. After the merger is completed, Twenty One Capital is expected to land on the public market with the stock code "XXI".

The submission of the draft registration statement marks a key progress in the transaction process between the two parties, but the merger still needs to meet a number of customary closing conditions, including the approval of Cantor Equity Partners shareholders, before it can be completed.

Twenty One Capital is a company focusing on Bitcoin asset allocation, leveraged financing and on-chain income structure design. In recent years, it has gained attention in the trend of institutional Bitcoinization. Cantor Equity Partners, which cooperates with it, belongs to the financial giant Cantor Fitzgerald Group, which has established a solid position in the digital asset field due to its role as Tether asset custody business.

The merger is seen by the market as an important signal that traditional financial capital is further embracing crypto assets, and may also provide a template for the capitalization path of future Bitcoin-native financial companies. If successfully listed, Twenty One Capital will become one of the few Bitcoin-focused companies to enter the public market through a merger.