SoftBank, Cantor Fitzgerald, and Tether Unite: Meet “Twenty One”

Twenty One, a Bitcoin-native operating company backed by SoftBank, Tether, Bitfinex, and Cantor Fitzgerald, is preparing to go public through a SPAC merger with Cantor Equity Partners (NASDAQ:CEP). 

On day one, Twenty One will hold over 42,000 Bitcoin, worth approximately $3.9 billion at current market prices, instantly becoming the third-largest corporate Bitcoin holder globally. The company will list under the Nasdaq ticker "XXI," positioning itself as a direct competitor, and possible successor, to MicroStrategy’s Bitcoin treasury leadership.

Designed for Bitcoin, Not a Pivot

Unlike MicroStrategy, which pivoted from enterprise software to Bitcoin holdings, Twenty One was purpose-built to be a pure Bitcoin operating company. Led by Strike founder Jack Mallers, the company has no legacy business distractions. Its sole focus will be to accumulate Bitcoin, increase Bitcoin per share (BPS) for investors, and build Bitcoin-native financial products. 

Mallers emphasized that Twenty One is "by Bitcoiners, for Bitcoiners," aiming to move faster, raise capital more efficiently, and grow BTC holdings without the corporate overhead or pivot baggage MicroStrategy carries.

Who Are The Backers?

The ownership structure of Twenty One is essentially a collaboration between stablecoin issuers, crypto exchanges, a Japanese megabank, and Wall Street institutions.

• Tether: Contributing $1.6B in BTC.

• Bitfinex: Adding $600M in BTC.

• SoftBank: Acquiring significant minority stake ($462M investment).

• Cantor Fitzgerald: Led by the son of the US Commerce Secretary, is providing the public market access via its SPAC vehicle. 

Validation and Competition for MicroStrategy

While some view Twenty One as a threat to MicroStrategy’s dominance, TD Cowen analysts interpret its launch as a critical validation of Strategy’s Bitcoin treasury model. According to Cowen, the entrance of a fully Bitcoin-focused corporate competitor legitimizes MicroStrategy’s approach and could thaw lingering institutional skepticism. 

However, others see competitive pressure ahead. 

Twenty One’s shares are expected to trade much closer to Bitcoin’s net asset value (1x NAV), compared to MicroStrategy’s typical 2x NAV premium. Analysts like VanEck’s Matthew Sigel and QCP Capital argue that this will make Twenty One a more attractive vehicle for institutions and sovereign funds seeking pure Bitcoin exposure without overpaying. 

The pricing differential introduces a credible threat to MicroStrategy’s future capital raises.

What Comes Next

Once public, Twenty One will immediately become a closely watched benchmark for corporate Bitcoin strategy. If it can grow Bitcoin holdings aggressively, minimize shareholder dilution, and successfully build Bitcoin-native cash flow products, it could surpass MicroStrategy as the new leader in the Bitcoin treasury sector. 

At the same time, its launch will likely intensify the Bitcoin arms race among corporations, accelerating capital inflows into Bitcoin as companies scramble to secure exposure before supply constraints tighten.

Bitcoin’s era as a fringe asset is over. With Twenty One's arrival, Bitcoin is now the battleground for corporate strategy, sovereign investment, and financial dominance.