Twenty One Capital (ticker: XXI) has completed its launch as a public Bitcoin treasury company, backed by an unprecedented alliance between Tether (the world's largest stablecoin issuer), SoftBank (the Japanese tech-investment giant) and Cantor Fitzgerald (the US investment bank).
The company debuts with 43,514 BTC on its balance sheet, a milestone that immediately positions it as the third-largest corporate Bitcoin treasury in the world, behind only Strategy and Marathon Digital.
Unlike other treasuries, Twenty One Capital was designed from scratch as a "Bitcoin-native company," with no prior operating businesses. Its only strategic asset is Bitcoin, and its only management metric is BTC per diluted share — the logic behind BTC Yield.
SoftBank's involvement is especially relevant given the group's weight in Asian markets. The investment represents a top-tier institutional endorsement of the Bitcoin treasury model and could accelerate the adoption of similar strategies among listed Japanese and South Korean companies.
Cantor Fitzgerald, for its part, will act as the lead investment bank for future capital raises, replicating Strategy's financing model through more traditional instruments.