Twenty One Capital completes SPAC merger, receives $119M cash and 31,500 Bitcoin contribution

Filed December 19, 2025 · Period ending September 30, 2025 · ~2 min read

Key Changes

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  Business combination with Cantor Equity Partners closed December 8, 2025, bringing $119.3M in net cash proceeds and 31,500 Bitcoin contributed by Tether (24,500) and Bitfinex (7,000). Bitcoin holdings will be marked to fair value each quarter with changes flowing through net income.

  MD&A: Business Combination verify on EDGAR →
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  Company reported $1.1M net loss from inception (April 17, 2025) through September 30, 2025, driven by G&A and marketing expenses. As of September 30, pre-combination entities held minimal cash ($808K at Twenty One Assets, zero at Pubco) and management disclosed substantial doubt about ability to continue as going concern prior to the merger.

  MD&A: Operating Losses & Going Concern verify on EDGAR →
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  Revenue model centers on Bitcoin accumulation and educational content monetization (subscriptions, licensing, sponsored partnerships). Bitcoin-centric financial services planned for future launch subject to regulatory approvals. No revenue generated to date.

  MD&A: Business Model verify on EDGAR →