---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-121293"
form_type: "8-K"
ticker: "XXI"
cik: "0002070457"
company_name: "Twenty One Capital, Inc."
filed_at: "2025-12-12T23:59:59+00:00"
generated_at: "2026-05-16T13:24:59.945782+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Twenty One Capital completes SPAC merger with Cantor; receives $1.46B in Bitcoin, issues $486.5M notes

## Summary
- Tether contributed 24,500 BTC and Bitfinex contributed 7,000 BTC to Pubco in exchange for equity.
- Issued $486.5M aggregate of 1% convertible senior notes due 2030, convertible at 72.0841 shares/$1,000.
- SoftBank purchased 89.1M Pubco shares from Tether for $999.3M as part of the transaction.
- PIPE investors received 20M shares (April) and 7.86M shares (June) at $10.75 & $21.00 per share respectively.
- Convertible notes secured by 16,116.3 BTC valued at $1.4595B; Sellers/SoftBank locked up for 6 months.

## SEC filing metadata
- accession: 0001213900-25-121293
- form_type: 8-K
- ticker: XXI
- cik: 0002070457
- company_name: Twenty One Capital, Inc.
- filed_at: 2025-12-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 5.06, 5.02, 9.01, 2.03, 3.02, 3.03, 5.01, 5.03, 5.05
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2070457/000121390025121293/0001213900-25-121293-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2070457/000121390025121293/ea0269460-8k_twenty.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-121293
- JSON: https://secwatch.observer/filing/0001213900-25-121293.json
- Plain text: https://secwatch.observer/filing/0001213900-25-121293.txt

## Key facts
- Governance Changes
  Twenty One Capital, Inc.: Amended and Restated Bylaws adopted (effective 2025-12-08).
  - Change: bylaw amendment
  - Effective: 2025-12-08
  source text: adopted the Amended and Restated Bylaws (the “Bylaws”) on December 8, 2025
  evidence_url: https://www.sec.gov/Archives/edgar/data/2070457/000121390025121293/0001213900-25-121293-index.htm
- Governance Changes
  Twenty One Capital, Inc.: Amended and Restated Certificate of Formation filed and effective (effective 2025-12-08).
  - Change: charter amendment
  - Effective: 2025-12-08
  source text: Pubco filed the Amended and Restated Certificate of Formation (the “Certificate of Formation”) with the Texas Secretary of State on December 5, 2025, which became effective on December 8, 2025
  evidence_url: https://www.sec.gov/Archives/edgar/data/2070457/000121390025121293/0001213900-25-121293-index.htm
- Governance Changes
  Twenty One Capital, Inc.: CEP ceased to be a shell company upon closing of business combination.
  - Change: shell status
  source text: As a result of the Business Combination, CEP ceased to be a shell company upon the Closing.
  evidence_url: https://www.sec.gov/Archives/edgar/data/2070457/000121390025121293/0001213900-25-121293-index.htm
- Governance Changes
  Twenty One Capital, Inc.: Board adopted a new Code of Conduct (effective 2025-12-08).
  - Change: code of ethics
  - Effective: 2025-12-08
  source text: On December 8, 2025, the Board adopted a new Code of Conduct that applies to all of its employees, including its Chief Executive Officer, Chief Financial Officer and other executive and senior financial officers.
  evidence_url: https://www.sec.gov/Archives/edgar/data/2070457/000121390025121293/0001213900-25-121293-index.htm
- M&A Transactions
  Twenty One Capital, Inc. underwent a change of control involving Cantor Equity Partners, Inc. (closed 2025-12-08).
  - Action: change of control
  - Counterparty: Cantor Equity Partners, Inc.
  - Closing: 2025-12-08
  source text: Immediately following completion of the Mergers and the other transactions contemplated by the Business Combination Agreement (the “Business Combination”), CEP Surviving Subsidiary and Company Surviving Subsidiary became wholly owned subsidiaries of Pubco.
  evidence_url: https://www.sec.gov/Archives/edgar/data/2070457/000121390025121293/0001213900-25-121293-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.