Appleby Advised Tether on Launch of Bitcoin-Native Twenty One Capital, Inc. (XXI)

Appleby Advised Tether on Launch of Bitcoin-Native Twenty One Capital, Inc. (XXI)

Appleby is delighted to have represented long-standing client Tether as co-founder of Twenty One Capital, Inc. (“Twenty One”), a Bitcoin-native company which went public on the New York Stock Exchange (NYSE) on December 9, 2025, under the ticker “XXI” through a business combination with Cantor Equity Partners, Inc., a special purpose acquisition company (SPAC) sponsored by an affiliate of Cantor Fitzgerald. Backed by Tether, Bitfinex and SoftBank Group, Twenty One launched with over 43,500 Bitcoin, making it the world’s third largest public corporate holder of Bitcoin.

Commenting on the deal Cayman partner Dean Bennett said “We are delighted to have represented Tether on this visionary first-of-its kind de-SPAC transaction working with a fantastic deal team across the board. It’s a new take on the use of SPACs and opens up another route for further institutional adoption of Bitcoin.”

This transaction showcases Appleby’s expertise for complex transactional work in the technology sector and Band 1-ranked FinTech team.

The Appleby team was led by Dean Bennett (Partner), supported by Peter Colegate (Partner), Marsha Williamson (Senior Associate), Andrew Barr (Associate) and other members of Appleby’s Technology and Innovation, Corporate, Regulatory and Dispute Resolution practices.

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