Cantor Equity Partners (NASDAQ: CEP) stock is on a tear, jumping 55% on Tuesday and adding another 15% in pre-market trading Wednesday. The surge follows news of a high-profile merger with Twenty One Capital, a Bitcoin-native investment firm backed by Tether, Bitfinex, and SoftBank.
The buzz centers around Cantor’s plan to take Twenty One Capital public through a SPAC deal. Once finalized, the combined entity will hold over 42,000 BTC, making it the third-largest Bitcoin treasury globally—right behind MicroStrategy and Tesla.
The firm is introducing new Bitcoin-focused metrics like Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR), giving investors a fresh way to measure returns in BTC terms, not just dollars.
While the upside is massive if Bitcoin keeps climbing, public investors should note that post-merger dilution is steep. SPAC shareholders will only retain 2.7% ownership, with the majority of control going to insiders—Tether (42.8%), Bitfinex (16%), and SoftBank (24%).
Still, analysts say this gives the public a rare, high-leverage bet on institutional Bitcoin adoption.
At a Bitcoin spot price of around $94,000, Twenty One Capital’s valuation sits at approximately $3.6 billion. Investors are viewing CEP as a public gateway to Bitcoin exposure, especially as interest in crypto rebounds in 2025.
Once the merger is complete, the new entity will rebrand and trade under the ticker “XXI”.
With rising institutional interest in Bitcoin and renewed retail excitement, CEP stock offers a speculative but potentially explosive opportunity. As the cryptocurrency space matures, this could be one of the most closely-watched Bitcoin public plays of the year
Whether you’re a crypto bull or a cautious investor, CEP is a stock to keep on your radar in 2025.