Market previews show traders eyeing a possible Bitcoin move toward $100,000 before a pullback to about $69,000, reflecting volatility expectations.

Post-merger, the entity will operate under the Twenty One Capital name.

The move comes amid ongoing volatility in Bitcoin and a recent October crash, prompting scrutiny of corporate Bitcoin treasuries and liquidity concerns.

Seed funding included around 42,000 BTC from notable investors, aligning the company with a strong Bitcoin-focused capital base.

Initial and subsequent BTC holdings include 5,800 BTC added from Tether, with plans to surpass 43,000 BTC at launch as the treasury strategy expands.

Cantor Equity Partners’ stock rose about 22% on the deal’s announcement, though CEP remains down significantly over six months.

The venture is a collaboration among Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, framing Twenty One Capital as a Bitcoin-native listed entity.

Twenty One Capital, launched in April, seeks to build a large corporate Bitcoin treasury with early backing from Cantor Fitzgerald, Tether, Bitfinex, and SoftBank.

The listing aims to provide a regulated way for investors to gain exposure to Bitcoin via equity markets, positioning Twenty One Capital as a bridge between crypto-native operations and traditional finance.

Proceeds from the fundraising supported bolstering the Bitcoin treasury ahead of the listing.

The report includes surrounding crypto market context, with disclaimers about accuracy and recommendations for professional consultation.

Overall, the article underscores ongoing risk and regulatory scrutiny for corporate Bitcoin treasury strategies in a volatile market.

Earlier disclosures indicated holdings around 42,000 BTC from investors including Tether and SoftBank, establishing the firm as a major Bitcoin holder and enabling potential new financial services.

Analysts note potential broader market impacts, including possible MSCI reclassifications and billions in passive fund outflows linked to Bitcoin-holding companies.

Twenty One Capital, led by Jack Mallers, is set to begin trading on the New York Stock Exchange next week after its merger with Cantor Equity Partners, positioning itself as a Bitcoin-focused, pure-tplay in a regulated market.

At launch, the company will list under the XXI ticker and aims to expand its Bitcoin treasury, which totals about 43,514 BTC worth roughly $4 billion, making it one of the largest publicly traded Bitcoin holders.

The listing follows expected closing conditions around December 8, with trading anticipated to start December 9, 2025, subject to standard approvals.

Recent price swings and a major October liquidation event have impacted the valuations of large Bitcoin-treasury firms, with November prices trailing declines.

Twenty One Capital differentiates itself as a Bitcoin-native treasury by focusing exclusively on Bitcoin accumulation and related services, with major support from Tether and Bitfinex and capital markets input from Cantor Fitzgerald.

The report previews broader crypto news and a pre-market overview of related crypto equities, including Strategy, Coinbase, Galaxy Digital, MARA, Riot Platforms, and Core Scientific.

Full details and the press release are available via Business Wire and linked materials.

The listing comes amid tensions between crypto firms and traditional banks, including JPMorgan’s prior account closures for Mallers and broader questions about banking access for crypto players.

There is attention on potential MSCI index reclassifications that could affect Bitcoin-holding companies such as MicroStrategy and influence passive fund flows.

A noted feature is a planned “Bitcoin-per-share” metric to track holdings in real time with auditable on-chain proof-of-reserves.

Market observers will watch trading volumes and investor reception to the Bitcoin-per-share metric, with implications for future crypto-native listings seeking regulated exposure.

Overall, the move highlights Twenty One Capital’s strategic push into Bitcoin assets and potential expansion into related financial services.

Before the merger, Cantor Equity Partners raised $585 million via PIPE financing and Twenty One Capital issued $100 million in convertible notes; combined, about 43,514 BTC is held as of early December.

Tether and Bitfinex are majority owners of Twenty One Capital, with Cantor Equity Partners backed by Cantor Fitzgerald.

CEO Jack Mallers frames Twenty One Capital as a pure-play capital markets vehicle focused on Bitcoin, differentiating it from competitors with broader business lines.

Final voting results from Cantor Equity Partners’ meeting were announced in early December, with closing details to be filed in an SEC Form 8-K.

The company originated from a 2025 SPAC arrangement and CEP shareholders approved the deal, with closing expected around the first week of December.

The SPAC arrangement involved Tether, Bitfinex, SoftBank, and Cantor Fitzgerald, and closing was anticipated as December approached.

Bitcoin's price context included recent highs around $93,000 amid volatility, with past peaks exceeding $126,000 and current pressure from declines.