Twenty One Capital, a firm focused on Bitcoin, is on track to publicly list its shares on the NYSE after shareholders approved its merger with Cantor Equity Partners, a special purpose acquisition entity. The announcement made on Thursday cleared the path for Twenty One Capital to start trading next Tuesday under the ticker symbol ‘XXI.’

Voting outcomes from the meeting will soon be detailed in a Form 8-K filing with the U.S. Securities and Exchange Commission.

Twenty One Capital, which commenced operations in April, aims to develop one of the largest corporate Bitcoin treasuries, with early support from Cantor Fitzgerald, Tether, Bitfinex, and the venture capital firm SoftBank.

Once publicly listed, it is anticipated that the company will rank as the third-largest corporate holder of Bitcoin, surpassed only by Strategy, led by Michael Saylor, and MARA Holdings, a significant player in cryptocurrency mining.

Currently, Twenty One Capital possesses 43,514 BTC, valued at approximately $4 billion based on industry data.

Bitcoin treasury firms facing challenges amid market volatility

Companies with substantial Bitcoin assets are encountering difficulties after a significant liquidation surge on October 10th resulted in the largest single-day losses in the crypto realm, with over $19 billion eliminated from leveraged positions.

This turmoil has adversely affected Bitcoin’s market price, which plummeted sharply from highs above $126,000 in early October to below $80,000 as selling pressure increased.

Recent market shifts are putting the viability of corporate Bitcoin treasury strategies into question, particularly in an environment characterized by ongoing volatility and limited liquidity.