Bitcoin enterprise Twenty One is here! Tether, SoftBank, and Strike have joined forces to challenge the dominance of Strategy.

The American Bitcoin company Twenty One was officially born on April 24 and announced its merger with Cantor Fitzgerald's special purpose acquisition company (SPAC) Cantor Equity Partners to go public, initially holding over 42,000 Bitcoins (BTC).

Twenty One is led by Strike founder Jack Mallers, with shareholders including Tether and SoftBank of Japan. The goal is to create a company centered around Bitcoin, which is expected to become the strongest competitor to MicroStrategy (Strategy).

Jack Mallers appointed as CEO, promoting the vision of "Bitcoin-first company"

Jack Mallers, the founder of Strike, has long been committed to promoting Bitcoin payments and government adoption. He stated:

We aim to create a whole new market.

The merger and fundraising amount to as much as 585 million USD, Tether guarantees the repurchase of Bitcoin.

After Twenty One and Cantor Equity Partners completed the merger agreement, they will simultaneously carry out a private investment (PIPE) and raise convertible bonds, with a total amount of 585 million USD.

Of the amount, 385 million USD is in convertible preferred debt, with a conversion price of $13 per share.

An additional $200 million is for common stock PIPE, with a price of $10 per share.

The raised funds will be used to purchase Bitcoin and for company operational purposes.

Tether will concurrently purchase an equivalent amount of Bitcoin and sell it to Twenty One after the acquisition is completed, ensuring that the Bitcoin position is in place immediately.

After going public, it will have 42,000 Bitcoins, making it the third largest corporate holder in the world.

According to the current Bitcoin price ( at approximately 93,000 USD each ), the estimated asset value of Twenty One after listing is 3.9 billion USD.

Twenty One has become the world's third largest Bitcoin vault, following Strategy and Marathon.

Two major Bitcoin native indicators: BPS and BRR

Twenty One no longer uses the traditional "earnings per share EPS" to measure company performance, but has introduced two new Bitcoin native indicators:

Bitcoin Per Share (BPS): How much Bitcoin assets each share represents, allowing investors to "hold coins" instead of holding shares.

Bitcoin Return Rate (BRR): The growth rate of Bitcoin assets per share, used to measure company performance, focusing on Bitcoin appreciation rather than fiat currency returns.

From media to financial products, comprehensively creating the native ecosystem of Bitcoin.

Twenty One is not just about holding Bitcoin, but also plans to create various "Bitcoin-native financial products," such as DeFi lending tools, Bitcoin capital market products, and more.

At the same time, it also creates content and media dedicated to Bitcoin, becoming a cultural promoter of the Bitcoin community.

Listing time and trading code

CEP will continue to be listed on the Nasdaq exchange as "CEP" before the transaction is completed (Nasdaq).

After the merger is completed, Twenty One will be listed under the trading code "XXI".

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This article introduces the Bitcoin company Twenty One! Tether, SoftBank, and Strike have joined forces to challenge the dominance of Strategy, first appearing in Chain News ABMedia.