Cantor Equity Partners Inc. (NASDAQ: CEP)

Cantor Equity Partners Inc. (NASDAQ: CEP) is a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. CEP is led by Chairman and Chief Executive Officer Brandon Lutnick and is sponsored by an affiliate of Cantor Fitzgerald, a globally recognized financial services firm.

In April 2025, CEP announced a definitive agreement to merge with Twenty One Capital Inc., a newly formed Bitcoin-native company. Upon closing, Twenty One will become the first Bitcoin-native public company, explicitly built to maximize Bitcoin ownership per share. The company will launch with over 42,000 bitcoins, positioning it as the third-largest corporate Bitcoin treasury globally. The transaction includes $585 million in committed capital via convertible senior secured notes and common equity PIPE financing. These proceeds will be used to purchase additional Bitcoin and support Twenty One’s mission of accelerating Bitcoin adoption, advancing Bitcoin literacy, and developing Bitcoin-native financial and advisory services.

Following the closing, the combined entity intends to trade on the Nasdaq under the ticker symbol “XXI.”

Redefining Performance in a Bitcoin-Native Framework

Twenty One introduces a fundamentally new way of evaluating corporate performance—through the lens of Bitcoin accumulation. Rather than relying on fiat-based benchmarks, the company will measure success using two proprietary metrics that reflect its Bitcoin-denominated strategy: Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR). BPS quantifies how much Bitcoin is held per fully diluted share, giving investors direct visibility into their ownership of the asset itself. BRR tracks the rate at which this per-share Bitcoin position grows over time, serving as a signal of capital allocation efficiency and execution quality.

These metrics are intended to replace traditional financial yardsticks like earnings per share or return on equity, which don’t apply cleanly to a company whose value proposition centers on Bitcoin preservation and expansion. By anchoring investor outcomes in Bitcoin terms, Twenty One offers a new model for how companies can align shareholder value with long-term Bitcoin accumulation.

Market Opportunity

The global cryptocurrency market is poised for significant expansion, driven by increasing institutional adoption, regulatory clarity, and the growing role of Bitcoin as a long-term store of value. According to Grand View Research, the total cryptocurrency market is expected to grow from $5.7 billion in 2024 to $11.7 billion by 2030, reflecting a compound annual growth rate of 13.1%.

Bitcoin-specific forecasts are even more compelling. Analysts project Bitcoin’s price could reach $120,000 to $200,000 by the end of 2025, fueled by global adoption, halving supply constraints, and increased treasury integration by corporations and sovereigns. Galaxy Digital projects over $250 billion in assets under management flowing into crypto-related ETFs in the near term. As a Bitcoin-native vehicle with significant on-chain reserves and a focused business model, Twenty One aims to uniquely position itself to capitalize on these macro tailwinds.

Leadership Team

Jack Mallers, Co-Founder and CEO of Twenty One, will lead the combined company. Widely recognized as one of the most influential voices in Bitcoin, Mallers has been instrumental in advancing institutional and governmental adoption of the asset globally. He is the Founder and CEO of Strike, a leading digital payment platform built on Bitcoin’s Lightning Network, which has pioneered Bitcoin brokerage infrastructure and enabled corporate balance sheet integration. Mallers will retain his existing responsibilities while leading Twenty One’s public-market debut, bringing proven expertise in Bitcoin innovation, policy engagement, and financial product development.