Why 21 Capital (XXI) Stands Apart From Other Public DATs

One of the world’s largest Bitcoin-centric companies, 21 Capital (XXI +4.8%), announced a successful listing on the NYSE on December 09, 2025. The maneuver marks an important milestone for cryptocurrencies and provides institutional investors with indirect exposure to the Bitcoin market. Here’s what you need to know.

What Is 21 Capital (XXI)? Inside the New Bitcoin-First Public Company

21 Capital isn’t new to the Bitcoin arena. It’s one of the leading Bitcoin-native firms dedicated to expanding the entire ecosystem and adoption. This strategy makes it stand out against its competitors, who simply hold the cryptocurrency for long-term gains rather than actively participating in expanding its reach.

Source – 21 Capital

Notably, 21 Capital has significant funding as it’s the third-largest corporate Bitcoin treasury holder. The company currently has an impressive 43,500 BTC, worth more than $4B, on its balance sheet.

This funding will be put to good use as the company plans to invest heavily in expanding innovation across Bitcoin finances, including lending and integration into traditional markets. Additionally, funding will be put towards educating the public on how to become part of the decentralized economy.

Strong Support

Significantly, the company’s backers include Tether Investments, Bitfinex, and one of the world’s most recognized investment institutions, SoftBank Group Corp. Jack Mallers, the current CEO of Strike and co-founder of 21 Capital, has been pivotal in the company’s Bitcoin-first strategy.

Mallers helped create the corporate architecture that will support a flood of new Bitcoin-focused services and assets moving forward. Already, 21 Capital has stated it will provide a combination of products, including lending services, capital market instruments, and other next-generation financial tools designed to leverage blockchain’s unique capabilities.

How 21 Capital Achieved a Rapid NYSE Listing

Those familiar with traditional IPOs have noted the speed at which 21 Capital was able to get its stock listing. At the core of its success was the decision to launch the company as a publicly listed Digital Asset Treasury (DAT). This designation means the company holds significant Bitcoin holdings in its treasury.

Traditionally, DATs provide indirect institutional access to the crypto market, usually Bitcoin. Notably, the use of this business designation has seen explosive growth with 76 companies listed as DATs this year, up from only four listed in 2024.

How SPAC Structures Accelerated the Listing

One of the biggest advantages of listing as a DAT is that you can raise funding using a SPAC (Special Purpose Acquisition Company). These firms exist for the sole purpose of operating as a funding mechanism designed to merge with a private operating business in the future. They host IPOs and then merge with companies to expand their access to funding.

SPAC Cantor Equity Partners

As part of their strategy, 21 Capital completed a business combination with Cantor Equity Partners, Inc. (CEP). Interestingly, this firm was formed as a CF Acquisition Corp. on November 11, 2020. It moved to New York and rebranded to Cantor Equity Partners, Inc. in 2024 before raising +$100M in funding via its NASDAQ listing.

The merger with Cantor Equity Partners enabled 21 Capital to successfully list its Class A common stock, XXI, on the NYSE on December 9, 2025. This listing marks the first time a company designed to do more than just hold crypto has seen such acceptance by the traditional financial sector. Consequently, it’s seen as the first of many new wave Bitcoin financial assets.

Other DATs Established This Year

Several other DATs were established this year, among the growing demand for access to Bitcoin exposure. Companies like Fold (FLD), which merged with the SPAC FTAC Emerald Acquisition Corp., offer Bitcoin financial services to the public via their app. Notably, Fold currently has +1,500 BTC in its reserves and is traded on the NASDAQ.

Fold is by no means a rare case. The Bitcoin Standard Treasury Company (BSTR) is another option that investors will soon gain access to. This listing was made possible through a merger with Cantor Equity Partners I (CEPO) and is seen as a related deal. BSTR will launch with 30,000 BTC in its treasury.

Why So Many Companies Are Pivoting Into Bitcoin Treasuries

The success of DATs and SPAC funding ventures has led many companies to rebrand their approach in hopes of capturing some of the momentum and driving their share prices up. Some reports show that over 200 companies in the US have newly formed Bitcoin treasury asset strategies. However, not all were DATs, signalling a push to hold more Bitcoin by businesses operating in other sectors.

How Companies Rebrand Stocks to Add Bitcoin Exposure

It’s becoming more common to see companies make some form of public announcement regarding the launch of a Bitcoin treasury. These funds often come in the form of a stock being rebranded as a way to access digital asset exposure while leveraging the advantages of the regulated stock market. Here are some prime examples of companies making the rebrand:

Metaplanet (3350.T)

Metaplanet is the perfect example of a successful corporate stock rebrand that has led to significant gains. Metaplanet launched as Red Planet Japan, a subsidiary of Red Planet Hotels. This budget hotel chain was founded in 1999 and has grown to include locations across Asia.

In 2020, the pandemic left the hotel struggling to meet its needs. The overhead for its +30 locations was eating up their reserves, leaving it in a precarious situation. After several consultations, the company decided to explore a Bitcoin and blockchain-based strategy.

A Bitcoin Strategy

Taking inspiration from MicroStrategy, the company began to build up Bitcoin treasury reserves. They also duplicated the company’s Bitcoin-centric business model, leading it to gain the nickname “Asia’s MicroStrategy.”

To accomplish this task, the firm began reallocating funding from its hotel model into building Bitcoin reserves. In 2024, the company made its first Bitcoin acquisition, and since that time, it has continually expanded its holdings. This maneuver started as a slow grind that ramped up as the value of the world’s first cryptocurrency started to skyrocket, reaching new all-time highs.

Analysts note that Metaplanet’s pivot was a huge success, and its stock market cap surged due to its smart maneuvering. Today, it is one of the leading Asian Bitcoin treasury options holding +1000 coins in its reserves. Additionally, the company has served as an inspiration to others seeking to pivot their operations.

Semler Scientific (SMLR -2.09%)

Semler Scientific entered the market in 2007 as a health tech firm focused on peripheral arterial disease (PAD). One of its main products was a non-invasive vascular test dubbed QuantaFlow. The company saw its products come under scrutiny alongside Medicare Advantage plans, leading to a questionable future.

In response, the company decided to reallocate extra funding into Bitcoin reserves. Its pivot towards Bitcoin was promoted as a long-term hedge for investors. The maneuver helped to establish the firm as a viable option in the stock market. However, it has led to its stock being valued based on a mix of its Quantaflow success and Bitcoin market conditions.

KindlyMD (NAKA -1.3%)

Another example of a healthcare firm making the pivot involves KindlyMD. The company successfully merged with Nakamoto Holdings as part of its strategy to delay its slow collapse. This maneuver transformed the company into a hybrid DAT and care provider.

The merger was completed, and the stock was officially listed in August 2025. Interestingly, the stock kept the same ticker and name, despite now representing a Bitcoin treasury first business model. Currently, KindlyMD holds 5,765 Bitcoin, which it acquired via PIPE funding.

Different Strategy

There are some distinct differences that can be made between so-called “clean” stocks like Bitcoin Standard Treasury Company and others. For one, BSTC launched from day one as Bitcoin treasuries. As such, its entire business model has always been Bitcoin-focused.

Consequently, firms like BSTC are listed as category 1 options. They hold less risk and have a stronger asset sheet compared to category 2 options, which made the pivot to buffer against business operations cooling down.

Why this Distinction Matters to Investors

The main reason why this distinction is important to investors is that it marks the difference between investing in Bitcoin holdings or a diversified cash flow business. This structure makes it harder to determine the true value of the stock versus simply referring to a Bitcoin treasury balance.

21 Capital Positions for Success

Now that you understand what makes 21 Capital different than many other options in the stock market, it’s easy to see why analysts believe this asset will see strong support from the investment community. Its Bitcoin-first approach, combined with its experienced executives and reputable backers, suggests this fund will see strong support moving forward.

What do you think about 21 Capital’s model? Do you think it will gain traction or fizzle out? Like, share, and comment, and click here to learn about other emerging digital assets.