3 June 2025
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Twenty One Plans Public Listing with 42,000 BTC Bitcoin Treasury
Twenty One plans to go public under the ticker $XXI, starting with a treasury of 42,000 BTC. The company aims to offer a more efficient model for Bitcoin exposure compared to MicroStrategy.
Key details include:
- Focused Bitcoin strategy with no debt
- Higher insider ownership
- KPIs tailored for Bitcoin performance
Tether and Bitfinex are expected to contribute Bitcoin and capital for equity. An additional $462M in Bitcoin purchases is anticipated following SPAC and PIPE financing. The transaction structure involves multiple mergers and equity conversions to facilitate market entry.
If successful, Twenty One may provide investors with simplified Bitcoin exposure without the complexities associated with larger firms.