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Here are 1-2 brief analogies for Twenty One Capital (XXI):

• A renewable energy developer, like NextEra Energy but focused on biomass and green hydrogen.
• A sustainable power company, similar to a project-based Plug Power for biomass and green hydrogen.

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Based on public records, a public company named 'Twenty One Capital' with the stock symbol 'XXI' could not be definitively identified. However, if referring to the private investment firm 'TwentyOne Capital', its primary services are:

• Venture Capital Investing: This service involves providing capital to early-stage, high-growth companies in exchange for an high-growth equity stake.
• Private Equity Investing: This service focuses on investing in more mature, private companies to facilitate growth, acquisitions, or operational improvements.
• Strategic Advisory Services: TwentyOne Capital offers strategic guidance and operational support to its portfolio companies to enhance their growth and market position.
• Fund Management: The firm manages various investment funds, pooling capital from limited partners to deploy across its venture capital and private equity strategies.

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Upon researching the public company "Twenty One Capital" with the stock symbol "XXI", it appears there might be a misunderstanding regarding its current status or symbol.

The stock symbol "XXI" was historically associated with Twenty-First Century Fox, Inc., a major global media and entertainment company. However, Twenty-First Century Fox, Inc. was acquired by The Walt Disney Company (symbol: DIS) in March 2019. Consequently, Twenty-First Century Fox, Inc. no longer exists as an independent public company trading under the symbol "XXI".

There does not appear to be a currently publicly traded company specifically named "Twenty One Capital" using the stock symbol "XXI". While there are private investment firms named "Twenty One Capital" or similar, they are not publicly traded entities with this symbol.

Given that the specified company does not appear to exist as a current public entity under the symbol "XXI", it is not possible to identify its major customers as requested.

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Jack Mallers, Chief Executive Officer, President, and Director

Jack Mallers is the Co-Founder and CEO of Twenty One Capital, Inc., a Bitcoin-native firm that aims to maximize Bitcoin ownership per share and offer investors direct exposure to Bitcoin through a public company structure. Mallers is also the co-founder and CEO of Strike, a leading digital payment provider built on Bitcoin's Lightning Network, and has been instrumental in advancing Bitcoin's adoption globally. Twenty One Capital, which recently went public via a SPAC merger with Cantor Equity Partners and is backed by Tether and SoftBank, plans to develop Bitcoin-based revenue services beyond just accumulating Bitcoin.

Steven Meehan, Chief Financial Officer

Steven Meehan serves as the Chief Financial Officer of Twenty One Capital, Inc. He brings over 25 years of extensive financial leadership experience, encompassing corporate strategy, mergers and acquisitions (M&A), capital raising, and financial planning and analysis. Prior to joining Twenty One Capital, Meehan was the Executive Vice President, Chief Financial Officer, and a board member at Kadmon Holdings, Inc. His past roles include serving as a partner in the Healthcare Group at Moelis & Company and as Head of Life Sciences within the Global Healthcare Group at UBS Investment Bank, where he also held the position of Chief Executive Officer of UBS Russia and the former Soviet Union. Meehan co-founded and was the Chief Executive Officer of Investment Planning Counsel Inc. (IPC), a company he built and later sold to IGM Financial in 2004. He has experience in raising capital across various markets, including private equity, venture capital, public markets, and strategic partnerships, and has advised businesses in M&A and capital raise transactions involving private equity buyers. As CFO of a publicly traded life science company, he was involved in developing a drug to FDA approval and its subsequent $2 billion sale to a pharmaceutical company.

James Cong Hoan Nguyen, General Counsel and Chief Compliance Officer

James Cong Hoan Nguyen is the General Counsel and Chief Compliance Officer for Twenty One Capital, Inc. He is a licensed attorney with 12 years of experience and is a graduate of UC Berkeley School of Law.

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1. Market Volatility of Bitcoin and Unrealized Losses: Twenty One Capital's business model heavily relies on its significant Bitcoin treasury. This exposes the company to extreme market volatility, where fluctuations in Bitcoin's price can directly and substantially impact its valuation and financial performance. Prior to its NYSE listing, the company reportedly faced a $1.5 billion unrealized loss on its Bitcoin holdings, highlighting the inherent risk of its asset-heavy strategy. This reliance on Bitcoin as a core asset creates a high-stakes balancing act between market gains and potential losses.
2. Regulatory Uncertainty and Accounting Complexities: The cryptocurrency landscape, in which Twenty One Capital operates, is subject to evolving and increasing scrutiny from regulatory bodies, particularly the U.S. Securities and Exchange Commission (SEC). This regulatory uncertainty can lead to significant compliance costs, operational risks, and complexities regarding accounting rules, which can materially impact reported earnings and investor perceptions. Institutional investors are reportedly wary of potential regulatory overreach that could stifle innovation or necessitate restructuring of business models for crypto-related entities.
3. Unclear Business Model and Need for Revenue Generation: Despite holding a substantial amount of Bitcoin, there is considerable market skepticism regarding Twenty One Capital's ability to generate sustainable, recurring revenue beyond its Bitcoin treasury. While the company intends to develop Bitcoin-native financial services, capital markets advisory, lending, and educational media, a clear and detailed product roadmap or demonstrated execution of these plans is currently lacking. Investors are increasingly prioritizing "firms that can generate predictable cash flows rather than those that primarily hold Bitcoin," and the company's ability to differentiate itself and monetize its Bitcoin treasury will be crucial for its long-term viability.

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The primary clear emerging threat for Twenty One Capital (XXI), as a Special Purpose Acquisition Company (SPAC), is the **deterioration of the overall SPAC market's viability and appeal**. This threat manifests through several interconnected factors:

• Sustained decline in investor confidence and appetite for SPACs: Following the SPAC boom, there has been a significant and prolonged cooling in investor enthusiasm. This is evident in consistently high shareholder redemption rates, where investors choose to redeem their shares for cash rather than participate in de-SPAC transactions. This directly reduces the capital available for target companies and makes it increasingly difficult for SPACs like XXI to complete acquisitions with sufficient funding.
• Increasing regulatory scrutiny and complexity: Regulatory bodies, particularly the U.S. Securities and Exchange Commission (SEC), have proposed and implemented stricter rules and guidelines for SPACs. These changes aim to align SPAC disclosures and liabilities more closely with traditional initial public offerings (IPOs), thereby increasing the complexity, cost, and time required for SPAC mergers. This diminishes some of the historical advantages that made SPACs an attractive alternative for private companies seeking to go public, making the SPAC structure less competitive.

These trends collectively threaten the fundamental ability of Twenty One Capital to identify a suitable target, secure adequate funding for the acquisition, and successfully complete a de-SPAC merger, which is its sole purpose as a SPAC.

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Twenty One Capital (symbol: XXI) operates as a Bitcoin-native company primarily focused on strategically allocating capital to increase Bitcoin per share. Beyond its role as a Bitcoin treasury, the company intends to develop a corporate architecture that supports financial products built with and on Bitcoin, including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with Bitcoin-aligned alternatives. Twenty One Capital also aims to provide educational content and branded media to promote Bitcoin literacy and accelerate its integration into the global financial system.

The addressable markets for these main products or services are global. However, specific quantifiable market sizes for Bitcoin-native lending models, capital market instruments, or educational media services built on Bitcoin are not available in the provided information.

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Twenty One Capital (symbol: XXI) expects future revenue growth over the next 2-3 years to be driven by several key initiatives centered around its "Bitcoin-native" business model:

1. Development and Growth of Bitcoin-Native Financial Services: Twenty One Capital aims to build revenue-generating businesses in areas such as Bitcoin-only brokerage, credit, and lending. CEO Jack Mallers has explicitly stated the company's intention to create products and cash flow within the industry, differentiating itself from companies that primarily function as Bitcoin treasury plays.
2. Expansion into Bitcoin Capital Market Instruments: The company plans to develop a corporate architecture to support financial products built on Bitcoin, including native lending models and other capital market instruments. This strategy is designed to replace legacy financial tools with Bitcoin-aligned alternatives.
3. Educational Content and Branded Media: Twenty One Capital intends to roll out educational content and branded media focused on supporting Bitcoin literacy. This initiative aims to accelerate Bitcoin's integration into the global financial system, potentially generating revenue through various models.
4. Strategic Management of Bitcoin Treasury to Generate Yield: While a significant portion of its value lies in its substantial Bitcoin holdings (over 43,500 BTC), Twenty One Capital's strategy includes active treasury management and the generation of returns from these assets. The company plans to strategically allocate capital to increase "Bitcoin per share" and use part of its Bitcoin to generate returns for shareholders, moving beyond simple price appreciation of its holdings.

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Share Issuance

• Twenty One Capital completed a business combination with Cantor Equity Partners, a SPAC, leading to its NYSE listing on December 9, 2025.
• The company raised $486.5 million through senior convertible notes in connection with its public offering.
• Approximately $365 million was generated from common equity Private Investment in Public Equity (PIPE) transactions.

Inbound Investments

• Twenty One Capital is majority-owned by Tether Investments and Bitfinex, with significant minority ownership by SoftBank Group Corp.
• Substantial contributions from Tether, SoftBank, and Bitfinex helped build the company's initial Bitcoin holdings.
• At its public listing, the company held over 43,500 Bitcoin, positioning it as one of the largest public corporate holders of Bitcoin.

Outbound Investments

• Net proceeds from PIPE offerings are primarily designated for additional Bitcoin purchases.
• The company's strategic capital allocation aims to maximize Bitcoin ownership per share.
• Twenty One Capital plans to build Bitcoin-native financial services, capital markets advisory, lending, and educational media businesses to generate recurring revenue and accelerate Bitcoin's integration into global markets.