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Project Overview
Twenty One aims to be the most effective public vehicle for Bitcoin accumulation and monetization, with a mission to accelerate Bitcoin adoption and Bitcoin literacy, and a pursuit of strategies to develop a range of Bitcoin-related financial and advisory services. Twenty One has entered into a business merger listing agreement with Cantor Equity Partners, with Tether and Bitfinex holding a majority stake and SoftBank Group holding a minority stake
Strike founder Jack Mallers: Bitcoin Reflects a Global Liquidity Crisis
Odaily News, Jack Mallers, founder of Strike and CEO of Twenty One Capital, stated that Bitcoin’s drop below $63,000 is not merely a sentiment issue but a reflection of the reality of insufficient liquidity in the global financial system.Mallers believes that while U.S. consumer confidence is at historic lows, the S&P 500 remains at all-time highs, indicating that traditional stock market signals have been distorted by policy intervention. In contrast, Bitcoin, as a 24/7 trading asset, more closely mirrors the true conditions of global liquidity and market stress.He emphasized that during periods of liquidity tightening, investors often "sell what they can, not what they want." Therefore, Bitcoin's decline may not signify a collapse of long-term conviction but rather forced selling under capital pressure.Additionally, Mallers questioned Strategy's perpetual preferred stock financing structure, suggesting it could place the company in a capital structure dilemma when liquidity is needed in the future, forcing trade-offs among different stakeholders.
Twenty One Capital Faces NYSE Compliance Crisis, Stock Plummets 83% Year-to-Date
According to Protos, Twenty One Capital (ticker: XXI), a Bitcoin reserve company controlled by Tether, received an official non-compliance notice from the New York Stock Exchange (NYSE) on May 29 due to insufficient independent directors on its Audit Committee. The company must rectify the issue by Friday, June 6; otherwise, its stock will be assigned the “BC” (Below Compliance) designation starting June 9. The incident stems from May 19, when Tether acquired all 89.1 million Class A shares held by SoftBank and canceled the corresponding Class B shares. Concurrently, Tether terminated the governance agreement granting SoftBank veto rights over the Board of Directors. As a result, the two directors appointed by SoftBank—including Jared Roscoe, a member of the Audit Committee—resigned the same day, reducing the number of independent Audit Committee members from two to one, thereby triggering the NYSE’s compliance threshold. Twenty One Capital has stated it will appoint a new independent Audit Committee member as soon as possible but has not disclosed the specific candidate or who holds the authority to make the appointment. The company currently holds 43,514 BTC, valued at approximately $3.1 billion, yet its total market capitalization remains below $2.5 billion. Amid leadership instability and multiple unfulfilled business commitments, its stock price has plunged over 83% in the past year.
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Strike founder Jack Mallers: Bitcoin Reflects a Global Liquidity Crisis
Odaily News, Jack Mallers, founder of Strike and CEO of Twenty One Capital, stated that Bitcoin’s drop below $63,000 is not merely a sentiment issue but a reflection of the reality of insufficient liquidity in the global financial system.Mallers believes that while U.S. consumer confidence is at historic lows, the S&P 500 remains at all-time highs, indicating that traditional stock market signals have been distorted by policy intervention. In contrast, Bitcoin, as a 24/7 trading asset, more closely mirrors the true conditions of global liquidity and market stress.He emphasized that during periods of liquidity tightening, investors often "sell what they can, not what they want." Therefore, Bitcoin's decline may not signify a collapse of long-term conviction but rather forced selling under capital pressure.Additionally, Mallers questioned Strategy's perpetual preferred stock financing structure, suggesting it could place the company in a capital structure dilemma when liquidity is needed in the future, forcing trade-offs among different stakeholders.
Tether Appoints Independent Director to Twenty One Capital’s Board of Directors to Fill Audit Committee Vacancy
This seat became vacant following a transaction on May 20, when Tether acquired XXI shares held by SoftBank Group, resulting in the termination of the related governance agreement and the subsequent resignation of SoftBank Group’s representative—including one member of the audit committee—from the XXI board.
Twenty One Capital Faces NYSE Compliance Crisis, Stock Plummets 83% Year-to-Date
According to Protos, Twenty One Capital (ticker: XXI), a Bitcoin reserve company controlled by Tether, received an official non-compliance notice from the New York Stock Exchange (NYSE) on May 29 due to insufficient independent directors on its Audit Committee. The company must rectify the issue by Friday, June 6; otherwise, its stock will be assigned the “BC” (Below Compliance) designation starting June 9. The incident stems from May 19, when Tether acquired all 89.1 million Class A shares held by SoftBank and canceled the corresponding Class B shares. Concurrently, Tether terminated the governance agreement granting SoftBank veto rights over the Board of Directors. As a result, the two directors appointed by SoftBank—including Jared Roscoe, a member of the Audit Committee—resigned the same day, reducing the number of independent Audit Committee members from two to one, thereby triggering the NYSE’s compliance threshold. Twenty One Capital has stated it will appoint a new independent Audit Committee member as soon as possible but has not disclosed the specific candidate or who holds the authority to make the appointment. The company currently holds 43,514 BTC, valued at approximately $3.1 billion, yet its total market capitalization remains below $2.5 billion. Amid leadership instability and multiple unfulfilled business commitments, its stock price has plunged over 83% in the past year.
Tether Acquires All SoftBank-Held Shares in Twenty One Capital
Odaily reports, according to an SEC filing, Tether has acquired all shares of Bitcoin holding company Twenty One Capital (XXI) held by Japanese investment giant SoftBank, totaling 891,000 Class A shares.Although the specific financial terms of the transaction were not disclosed, based on Wednesday's closing price of $7.98 per share, the stake is valued at approximately $711 million. SoftBank purchased these shares for $999.3 million last June, and this exit implies it has taken a significant discount.Twenty One Capital currently holds 43,514 Bitcoin, worth approximately $3.4 billion. Following SoftBank's exit, its appointed board members have immediately resigned, causing the number of independent members on the company's audit committee to temporarily fall short of the New York Stock Exchange's listing requirements. (decrypt)
Tether acquires SoftBank's stake in Twenty One Capital
: Tether announced that it has acquired the shares of Twenty One Capital (XXI) held by SoftBank Group, further increasing its controlling stake in the company. Following the transaction, SoftBank's appointed board member at XXI has resigned in accordance with the shareholder agreement. Tether stated that this move reflects its strong and ongoing bullish view on XXI's long-term Bitcoin strategy, considering it one of the most significant opportunities to "build a publicly listed company from scratch around Bitcoin." Tether CEO Paolo Ardoino noted that SoftBank provided important institutional resources and strategic perspectives during the company's early development stage, while Tether's confidence in XXI has "further strengthened."