# EDGAR Filing Document

**Accession Number:** 0002070457
**File Stem:** 0000000000-25-010623
**Filing Date:** 2025-9
**Character Count:** 6793
**Document Hash:** 60ffbf84c02ae9a1360159d74e05bcdc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-010623.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0000000000-25-010623

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250929

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Twenty One Capital, Inc.
- **CENTRAL INDEX KEY:** 0002070457
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-08182

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATION SERVICE COMPANY
- **STREET 2:** 211 EAST 7TH STREET, SUITE 620
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701-3218
- **BUSINESS PHONE:** 206 552 9859

**MAIL ADDRESS:**
- **STREET 1:** CORPORATION SERVICE COMPANY
- **STREET 2:** 211 EAST 7TH STREET, SUITE 620
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701-3218
**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Twenty One Assets, LLC
- **CENTRAL INDEX KEY:** 0002070394
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-08182

**BUSINESS ADDRESS:**
- **STREET 1:** THE CORPORATION SERVICES COMPANY
- **STREET 2:** 251 LITTLE FALLS DRIVE
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19808
- **BUSINESS PHONE:** 206 552 9859

**MAIL ADDRESS:**
- **STREET 1:** THE CORPORATION SERVICES COMPANY
- **STREET 2:** 251 LITTLE FALLS DRIVE
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19808
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-25-061570

## Text-Extract

```

                                                            September 29, 2025

Jack Mallers
Chief Executive Officer
Twenty One Capital, Inc.
c/o Corporation Service Company
211 East 7th Street, Suite 620
Austin, TX 78701

Steven Meehan
Chief Financial Officer
Twenty One Assets, LLC
c/o Corporation Service Company
251 Little Falls Drive,
Wilmington, County of New Castle, Delaware 19808

       Re: Twenty One Capital, Inc.
           Registration Statement on Form S-4
           Filed September 15, 2025
           File No. 333-290246
Dear Jack Mallers and Steven Meehan:

       We have reviewed your registration statement and have the following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments. Unless
we note
otherwise, any references to prior comments are to comments in our August 29,
2025 letter.
 September 29, 2025
Page 2
Registration Statement on Form S-4
Risk Factors
Risks Related to Being a Public Company, page 35

1.     We note that Pubco's Amended and Restated Certificate of Formation
includes "an
       enforceable jury trial waiver for any 'internal entity claim.'" Please
revise to disclose
       whether this applies to claims under the federal securities laws. To the
extent that it
       does not apply to claims under the federal securities laws, please
disclose and tell us
       how you will make future investors aware that the provision does not
apply to claims
       under the federal securities laws. In addition, please revise to
disclose the TBOC's
       definition of "internal entity claim" and expand your risk factor
disclosure on pages 77
       and 78 to address the material risks of a jury trial waiver, including
the possibility
       of less favorable outcomes, uncertainty regarding its enforceability,
the potential for
       increased costs to bring a claim and whether it may discourage or limit
suits against
       you.
The Organizational Documents Proposals, page 183

2.     Please revise to add a proposal for the jury trial waiver or tell us why
you do not
       believe this is required.
Unaudited Pro Forma Condensed Combined Financial Information
Notes to Unaudited Pro Forma Condensed Combined Financial Statements
Notes 5 and 6 - Adjustments and Reclassifications to Unaudited Pro Forma
Condensed
Combined Statements of Operations, page 213

3.     We note your response to prior comment 8 that the subscribed share
obligations are
       equity-linked instruments classified in equity, with no gain or loss
recognized in
       earnings. We also note your response to prior comment 9 that the future
purchase of
       bitcoin under the PIPE Bitcoin Sale and Additional PIPE Bitcoin Sale
agreements
       would be accounted for as derivative instruments under ASC 815 with
changes in fair
       value of the derivative, rather than of the underlying bitcoin,
recognized through the
       statement of operations. Please tell us your consideration of reflecting
the transactions
       described in your response within your Pro Forma Statements of
Operations. Your
       adjustments CC to the pro forma statement of operations for the period
ended June 30,
       2025, and adjustments EE and JJ to the pro forma statement of operations
for the year
       ended December 31, 2024 appear to reflect the receipt of the combined
bitcoin subject
       to these transactions as if they had settled at the beginning of the
period, with the
       change in fair value of all the bitcoin contemplated in these
transactions recognized
       through earnings in your pro forma statement of operations.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.
 September 29, 2025
Page 3

       Please contact Rolf Sundwall at 202-551-3105 or Jason Niethamer at
202-551-3855 if
you have questions regarding comments on the financial statements and related
matters. Please contact Sonia Bednarowski at 202-551-3666 or Sandra Hunter
Berkheimer at
202-551-3758 with any other questions.

                                                         Sincerely,

                                                         Division of
Corporation Finance
                                                         Office of Crypto
Assets

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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