# EDGAR Filing Document

**Accession Number:** 0002070394
**File Stem:** 0000000000-25-009301
**Filing Date:** 2025-8
**Character Count:** 9166
**Document Hash:** e3ce23bfa37622694d9338e9e7bc7712
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009301.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0000000000-25-009301

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250829

**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

```

                                                            August 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.
           Amendment No. 1 to Draft Registration Statement on Form S-4
           Submitted August 12, 2025
           CIK No. 0002040457
Dear Jack Mallers and Steven Meehan:

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

        Please respond to this letter by providing the requested information
and either
submitting an amended draft registration statement or publicly filing your
registration
statement and non-public draft submissions on EDGAR. 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 the information you provide in response to this letter
and your
amended draft registration statement or filed registration statement, we may
have additional
comments. Unless we note otherwise, any references to prior comments are to
comments in
our July 30, 2025 letter.
 August 29, 2025
Page 2
Amendment No. 1 to Draft Registration Statement on Form S-4
Summary of the Proxy Statement/Prospectus
Conditions to the Closing of the Business Combination, page 31

1.     We note your revised disclosure in response to prior comment 18. Please
revise to
       clarify what you mean by "where permissible" on pages 32 and 159 in
regards to the
       Conditions to Each Party's Obligations section.
Risk Factors
Risks Related to the Business and Strategy of Pubco
Pubco will face risks relating to the custody of its Bitcoin, page 54

2.     We note your revised disclosure on page 55 in response to prior comment
22 and your
       revised disclosure on page 238 in response to prior comment 44. Please
disclose
       quantitative information regarding the insurance coverage of Pubco's
bitcoin holdings
       provided by Anchorage.
The NTA Proposal
Reason for the NTA Amendment, page 173

3.     We note your response to prior comment 27. Please revise your disclosure
here and
       throughout, as appropriate, to highlight the risk that if the amount in
the trust falls
       below $5,000,001 as a results of the redemptions, CEP may no longer meet
the
       Nasdaq listing standards and CEP Ordinary Shares may be "penny stock"
pursuant to
       Rule 3a51-1 under the Exchange Act. In addition, expand your disclosure
to fully
       address the impact to CEP and its investors if CEP Ordinary Shares are
"penny
       stock."
The Organizational Documents Proposal
Required Vote and Recommendation of the CEP Board, page 181

4.     We note your revised disclosure in response to prior comment 7. Please
revise to
       provide a separate vote for each material difference between the
Proposed
       Organizational Documents and the CEP Memorandum and Articles. In this
regard, we
       note your disclosure on page 182 that combines each of the material
differences into a
       single resolution.
Unaudited Pro Forma Condensed Combined Financial Information, page 195

5.     We acknowledge your response to prior comment 28 and revised
presentation in your
       Unaudited Pro Forma Condensed Combined Financial Statements. Please
expand on
       your descriptions of the individual transactions to which you are giving
pro forma
       effect, and revise your presentation to reflect each transaction in
separate columns.
       For example, the Transaction Adjustments column includes the effect of
the business
       combination agreement, equity PIPE agreements, convertible notes
subscription
       agreement, etc., in a single column. Refer to Regulation S-X, Item
11-02(b)(4)(i).
 August 29, 2025
Page 3
Notes to Unaudited Pro Forma Condensed Combined Financial Statements
Note 1 - Description of the Proposed Transactions
Convertible Notes Subscription Agreements, page 204

6.    We acknowledge your response to prior comment 35. Please revise your
disclosure
      here and in your discussion of the convertible notes on page 267 to
include the
      significant terms of the convertible notes, such as duration, interest
rate, conversion
      terms, etc. Refer to ASC 470-20-50.
Note 4 - Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet as
of
March 31, 2025, page 208

7.    We acknowledge your response to prior comment 31. While there is a
contractual
      agreement for the PIPE Investors, your response indicates that the
investors may still
      choose to pay the purchase price in cash. Please tell us whether the
April PIPE
      Investors have yet to make an election to pay the purchase price in
bitcoin or cash.
8.    In adjustments A, N, O and R, you present the exchange of equity
interests for bitcoin
      under the April PIPE, Contribution, June Pipe and Additional PIPE
agreements at the
      agreed-upon valuations. Please explain to us why you believe it is
appropriate to
      measure the bitcoin at the contractual valuation and to recognize the
difference in fair
      value from that contractual valuation through your pro forma earnings,
citing the
      specific accounting literature you relied upon. In your response, tell us
how you
      considered whether this is a transaction in your own capital stock under
ASC Topic
      505-10-25-2.a. or a transaction between entities under common control
under ASC
      Topic 805-50-30-5, neither of which would result in a recorded gain or
loss.
9.    In adjustments G, P and Q, you recognize bitcoin to be acquired
immediately
      following the closing in exchange for the cash proceeds from your equity
PIPE
      agreements and your convertible notes agreement based on a contractual
valuation.
      Please explain your presentation referencing specific accounting
guidance. Tell us
      your consideration of whether the agreement to acquire bitcoin on a
future date at an
      agreed-upon price could be considered a derivative under ASC Topic 815.
Beneficial Ownership of Securities
Post-Business Combination Beneficial Ownership Table of Pubco, page 262

10.   We note your revised disclosure in the footnotes on pages 262 and 263 in
response to
      prior comment 46. Please revise footnote 4 to the beneficial ownership
tables on pages
      262 and 263 to disclose the natural persons with investment and voting
control over
      the Pubco Class A and Pubco Class B Stock held by Stellar Beacon LLC.
 August 29, 2025
Page 4

       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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