Twenty One Capital is a publicly traded company whose core business is accumulating Bitcoin. The company holds Bitcoin as its primary treasury asset and deploys capital raised through equity and debt issuances — plus operating cash flows — to buy more Bitcoin over time. Twenty One launched with approximately 43,500 Bitcoin, funded through contributions from founding shareholders Tether and Bitfinex, along with PIPE equity and convertible note proceeds raised at its SPAC combination with Cantor Equity Partners. The company has raised roughly $486.5M in convertible notes and ~$365M in equity at inception. Twenty One's value is largely a function of its Bitcoin holdings per share and the Bitcoin price. The company tracks performance using Bitcoin Per Share (BPS) and Bitcoin Rate of Return (BRR), which measure how efficiently Bitcoin holdings grow on a per-share basis. Twenty One argues it can grow BPS by raising capital at costs favorable relative to Bitcoin's expected return and deploying proceeds into Bitcoin purchases. The company runs lean, with only three employees at launch and an operational services agreement with Tether covering IT, legal, HR, and treasury functions. Beyond Bitcoin accumulation, Twenty One is building two early-stage businesses: a Bitcoin education and content platform targeting retail investors, advisors, and institutions, to be monetized through subscriptions and licensing; and a longer-term Bitcoin financial services business covering lending, structured products, and advisory, contingent on regulatory approvals.