# EDGAR Filing Document

**Accession Number:** 0002070457
**File Stem:** 0000000000-25-008030
**Filing Date:** 2025-7
**Character Count:** 24544
**Document Hash:** 34140e68a76fb1844f314aa29c137632
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-008030.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0000000000-25-008030

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250730

**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

```

                                                            July 30, 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.
           Draft Registration Statement on Form S-4
           Submitted July 3, 2025
           CIK No. 0002040457
Dear Jack Mallers and Steven Meehan:

       We have reviewed your 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 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.
 July 30, 2025
Page 2

Draft Registration Statement on Form S-4
General

1.     We note that the CEP Board did not obtain a fairness opinion in
connection with its
       determination to approve the Business Combination. While we note CEP's
disclosure
       in its registration statement on Form S-1 (333-280230) that CEP is not
prohibited
       from pursuing an initial business combination with a business that is
affiliated with
       Cantor or its affiliates or with its sponsor, officers or directors,
including an Affiliated
       Joint Acquisition, we also note that in the event that CEP seeks to
complete an initial
       business combination with a business that is affiliated with Cantor or
its affiliates or
       with its sponsor, officers or directors, CEP will obtain an opinion from
an independent
       investment banking firm that the initial business combination is fair to
       CEP shareholders from a financial point of view. Please provide your
analysis as to
       why you believe that Tether is not an affiliate. In this regard, we note
from media
       reports that Cantor Fitzgerald has a substantial ownership stake in
Tether and
       that Cantor Fitzgerald acts as the primary custodian and trading partner
for Tether's
       reserves. We also note your disclosure on page 105 that "Tether and
Cantor had
       established a relationship in 2021 when Cantor began acting as a
custodian and
       trading partner for a portion of the U.S. treasuries backing."
2.     Please revise to disclose the material terms of the Pubco Incentive
Plan.
3.     Please revise to use consistent abbreviations and names throughout. For
example
       purposes only, you appear to alternate between Bitfinex and iFinex to
refer to the
       same entity and you appear to alternate between Stellar Beacon and
SoftBank to refer
       to the same entity.
Cover Page

4.     Please revise to disclose here and in the Notice of Extraordinary
General Meeting of
       Shareholders the ownership percentages of Pubco Class A and Pubco Class
B Stock
       that will be held by (i) the CEP Public Shareholders,(ii) the Sponsor,
(iii) the CEP
       officers and directors, (iv) each of the Sellers, (v) the Pipe
Investors, and (vi)
       SoftBank and the voting power that (i) the CEP Public Shareholders, (ii)
the
       Sponsor, (iii) the CEP officers and directors, (iv) each of the Sellers
(v) the Pipe
       Investors, and (vi) SoftBank will have following the Business
Combination.
5.     Please revise to disclose the number of shares of Pubco Class A and
Pubco Class B
       Stock offered in connection with the Business Combination and the price
per share of
       each class of Pubco Stock, the value of the consideration that the
Sponsor, the CEP
       Public Shareholders, Tether, Bitfinex and SoftBank are each receiving in
connection
       with the Business Combination and the aggregate value of the
consideration that
       Tether, Bitfinex and SoftBank are receiving.
6.     Please revise the cover page to state that the CEP Board did not receive
an outside
       report, opinion or appraisal materially relating to the fairness of the
consideration to
       be offered to the CEP shareholders. Please refer to Item 1604(a)(1) of
Regulation S-K.
 July 30, 2025
Page 3
Notice of Extraordinary General Meeting of Shareholders, page i

7.     Please revise the Notice of Extraordinary General Meeting of
Shareholders to list out
       each separate proposal that the CEP Shareholders will consider and vote
upon
       pursuant to the Organizational Documents Proposal. In addition, please
add proposals
       to the Organizational Documents Proposal that address the (i) changes to
the size and
       composition of the board, (ii) the change from a classified board to an
unclassified
       board, (iii) the change that the board is elected by a plurality of the
votes cast by
       holders of Shares of Pubco Class B Stock, (iv) the changes related to
the parties that
       may call a special meeting of shareholders, (v) the changes to the
quorum of the
       board, (vi) the changes to the notice of shareholder actions and
meetings and (vii) the
       changes to the exclusive forum provision. Alternatively, please tell us
why
       you believe that such matters are not material.
Questions and Answers About the Proposals
What vote is required to approve the proposals presented at the Meeting, page
xxx

8.     It appears that your disclosure on page xxx that the Organizational
Documents
       Proposal requires the affirmative vote of a majority of the issued and
outstanding CEP
       Ordinary Shares as of the Record Date present in person or by proxy and
voted at the
       Meeting is inconsistent with your disclosure elsewhere that the
Organizational
       Documents Proposal is a non-binding advisory vote. Please revise for
clarity and
       consistency or advise.
Do I have appraisal rights if I object to the proposed Business Combination,
page xli

9.     Please revise your disclosure on pages xli and 102 to clarify whether
the holders of
       record of CEP Class A Ordinary Shares have appraisal rights in
connection with the
       special resolution to approve the Merger Proposal, and, if so, how such
rights are
       exercised.
How do I exercise my redemption rights, page xli

10.    Please revise here and on page 101 to address the restriction of CEP
Shareholders
       acting in concert or as a "group" (as defined under Section 13 of the
Exchange Act)
       from redeeming shares with respect to more than an aggregate of 25% of
the CEP
       Class A Ordinary Shares.
The Transactions
Related Agreements, page 2

11.    Please expand this section to include a summary of the agreements with
CF&Co.
Convertible Notes Subscription Agreements, page 3

12.    Please revise to summarize the material terms of the Convertible Notes
Subscription
       Agreements, including the term, Pubco's obligation to repurchase the
Convertible
       Notes at the Convertible Note Investor's option, the calculation for the
conversion
       ratio, the collateral securing the Convertible Notes, and the Sponsor's
rights and
       obligations in connection with the Sponsor Convertible Note Subscription
       Agreement.
 July 30, 2025
Page 4

Equity PIPE Subscription Agreements, page 3

13.    Please revise here to include a summary of the Initial Pipe Bitcoin and
the Option
       PIPE Bitcoin Agreements with Tether.
Amended and Restated Registration Rights Agreement, page 4

14.    Please revise to disclose the number of shares of Pubco Class A Stock
that will be
       subject to the Amended and Restated Registration Rights Agreement.
Service Agreement, page 5

15.    Please revise your disclosure under this heading to include a brief
summary of the
       services that Tether will provide Pubco following the merger pursuant to
the Service
       Agreement and disclose the term of the Service Agreement.
Organizational Structure, page 11

16.    Please revise the organizational charts on pages 11 and 12 to show the
ownership of
       Pubco by the Equity PIPE Investors, Tether, Bitfinex, the CEP Public
Shareholders,
       the Sponsor, Softbank, the Convertible Note Investors.
The CEP Board's Reasons for Approval of the Transactions
Volatility of Bitcoin Price, page 22

17.    Please revise to include quantitative information related to the
volatility of bitcoin
       here or include a cross reference to where the volatility of bitcoin is
disclosed.
Conditions to Closing of the Business Combination, page 28

18.    Please revise your disclosure on pages 28 and 29 to identify which of
the conditions to
       the Closing may be waived. In addition, please revise to include a
definition of
       "Material Adverse Effect" here.
Risk Factors, page 41

19.    Please add separately captioned risk factors that address the risks of
attacks due to the
       levels of concentration of bitcoin ownership such as the possibility of
a bitcoin owner
       obtaining control over the bitcoin network, and the risks of hard forks,
front-
       running and wash-trading.
20.    Please add a risk factor that addresses the risks related to Pubco's
exclusive forum
       provision in its Amended and Restated Certificate of Formation.
Risks Related to the Business and Strategy of Pubco
Pubco's operating results, revenues and expenses may significantly fluctuate,
page 42

21.    Please revise to provide updated risk factor disclosure regarding the
SEC's
       enforcement actions against Coinbase, Inc., Binance Holdings, Ltd. and
Kraken here
       and on page 60, as applicable.
Pubco will face risks relating to the custody of its Bitcoin, page 50

22.    Please expand this risk factor to address the specific insurance
coverage of Pubco's
       bitcoin holdings that Anchorage will provide.
 July 30, 2025
Page 5

Bitcoin's status as a "security" in any relevant jurisdiction, page 57

23.    Please revise to clarify here and throughout that a crypto asset may be
determined to
       be offered and sold as a security instead of referring to a crypto asset
as being deemed
       to be a security. In addition, please describe your risk-based process
for determining
       whether a crypto asset is offered and sold as a security. Also remove
your disclosure
       that "[t]he SEC generally does not provide advance guidance or
confirmation on its
       assessment of the status of any particular crypto asset, product or
service as a
       security" as the Commission and staff have issued reports, orders, and
statements
       that provide guidance on when a crypto asset may be offered and sold as
a security for
       purposes of the U.S. federal securities laws.
Risks Related to the Business Combination
CEP, Twenty One, Tether and SoftBank will incur transaction costs, page 68

24.    Please revise to include an estimate of the costs that each of the
parties to the Business
       Combination Agreement has incurred and expects to incur in connection
with the
       consummation of the Business Combination.
Background of the Business Combination, page 105

25.    We note your disclosure on page 126 regarding the material relationships
that existed
       and continue to exist between CF&Co. and Tether and SoftBank that are
unrelated to
       the Business Combination. Please revise to disclose here the
compensation paid to
       CF&Co. as a result of such material relationships.
26.    Please add disclosure to describe the negotiations regarding the
ownership of the CEP
       Public Shareholders, the Sponsor, the Sellers and Softbank in Pubco.
The NTA Proposal, page 156

27.    Please expand your disclosure to discuss the reasons for the NTA
Proposal. In
       addition, please tell us why the CEP Ordinary Shares will not be "penny
stock"
       pursuant to Rule 3a51-1 under the Exchange Act if CEP's NTA is less
       than $5,000,001. In this regard, we note that the NTA Proposal is not
conditioned
       upon any other Proposals and that, even if the Business Combination
Proposal or
       other Proposals are not approved, the NTA Amendment may be made to the
CEP
       organizational documents if approved. If the amount in the trust falls
below
       $5,000,001 as a result of redemptions, CEP would likely no longer meet
the Nasdaq
       listing standards. At that point, it is possible that CEP would become a
penny stock.
       Please revise your disclosure here, in your Questions and Answers
section, your risk
       factors section and throughout as appropriate to clearly discuss the
impact that the
       trust falling below $5,000,001 would have upon CEP's listing on Nasdaq
and discuss
       the consideration given to this possibility in the CEP Board's
determination to propose
       to remove this provision from its organizational documents. Please
provide clear
       disclosure that removal of this provision could result in CEP's
securities falling within
       the definition of penny stock and clearly discuss the related risks to
CEP and its
       investors.
 July 30, 2025
Page 6
Unaudited Pro Forma Condensed Combined Financial Information, page 176

28.    We note the various agreements describing the transaction beginning on
page 172 and
       in Note 1 on page 180. Please revise your presentation to include
separate columns
       for each transaction for which pro forma presentation is required. Refer
to Regulation
       S-X, Item 11-02(b)(4)(i).
29.    Please tell us what consideration you gave to providing unaudited pro
forma
       condensed combined financial information that presents the different
range of possible
       redemption results (i.e., 25%, 50% and 75%). Refer to Regulation S-X,
Item 11-
       02(a)(10).
Notes to Unaudited Pro Forma Condensed Combined Financial Statements
Note 1 - Description of the Proposed Transactions, page 180

30.    Please confirm for us that the 31,500 bitcoin contributed in exchange
for Pubco
       common stock will occur prior to the closing of the Business Combination
       Agreement.
Note 4 - Adjustments to the Unaudited Pro Forma Condensed Combined Balance
Sheet, page
184

31.    You disclose that proceeds from the Equity PIPE agreements can be
settled in cash or
       bitcoin. Please tell us whether the quantities of bitcoin expected to be
received in
       adjustments A and O are contractual or probable under the agreements.
32.    You present the purchase of bitcoin with proceeds from the convertible
notes and
       equity PIPE agreements in adjustments G, P, and Q. Please tell us
whether these
       purchases are probable or are contractual under the related agreements.
33.    If you determine that the bitcoin acquired is probable rather than
contractual, please
       explain to us how these acquisitions of bitcoin qualify as transaction
adjustments
       reflecting the transactions being presented in your pro forma condensed
combined
       financial statements.
34.    You report the difference in fair value of bitcoin in adjustments U and
V between the
       valuation dates in the underlying agreements and fair value as of March
31 and June
       30, 2025 as an adjustment to Digital Assets offset by an adjustment to
Accumulated
       Deficit. Please explain to us your consideration of ASC 350-60-10-35-1
and
       Regulation S-X Item 11-02(a)(6)(i)(A) and (B) in calculating these
adjustments and in
       recognizing the change in fair value through Accumulated Deficit.
35.    We note the disclosure that you are still assessing the accounting
treatment of the
       Convertible Notes. Please provide us with your analysis of the proposed
accounting
       treatment you intend to apply for the issuance of the Convertible Notes
and revise
       your disclosure accordingly.
Note 5 and 6 - Adjustments and Reclassifications to Unaudited Pro Forma
Condensed
Combined Statements of Operations, page 187

36.    Your adjustments CC and FF for the three months ended March 31, 2025 and
       adjustment EE for the year ended December 31, 2024 appear to reflect the
change in
       fair value of your proposed bitcoin investments from the contractual
valuation dates
 July 30, 2025
Page 7

       through the pro forma periods. Please provide your analysis as to how
the fair value
       adjustments comply with the pro forma guidance in Regulation S-X. In
that regard,
       Item 11-02(a)(6)(i)(A) and (B) indicate that for a probable transaction,
pro forma
       adjustments should be calculated using the most recent practicable date
prior to the
       effective date, qualification date or mail date. As such, it is unclear
why any change in
       fair value of intangible assets would be recorded in your unaudited pro
forma
       condensed combined statements of operations.
Information Related to Twenty One
Our Business Strategies, page 211

37.    We note your disclosure that "Twenty One expects to engage in [b]itcoin-
       centric financial services that would leverage Twenty One's [b]itcoin
expertise to
       provide solutions tailored for institutions and individuals investing
in, holding, and
       utilizing [b]itcoin." Please revise to describe the regulatory
approvals, the market
       needs and the macroeconomic environment that will impact the timing of
your
       bitcoin-related advisory and financial services. In addition, please
describe the steps
       that must be taken to begin to offer these services, including the steps
required to
       obtain the necessary regulatory approvals, the costs associated with
each step, the
       sources of capital and any challenges you may face in the development of
this
       business line.
38.    Please revise to disclose the role of Tether in the business operations
of Pubco.
39.    Please revise to clarify what you mean by your disclosure that your
bitcoin
       accumulation and management strategy will involve "active management of
bitcoin
       holdings."
Bitcoin Accumulation and Management Strategy, page 211

40.    Please expand your disclosure in this section to describe the policies
and procedures
       you have in place or intend to adopt that govern when you exchange cash
for bitcoin
       and when you monetize your bitcoin, and disclose whether you have
policies or will
       establish policies governing the percentage of your treasury holdings
that will be
       bitcoin. In addition, please disclose whether you intend to hedge your
bitcoin
       exposure, and, if so, please describe your hedging strategy.
41.    Please describe the anti-money laundering (AML), know-your-customer
(KML) and
       other procedures you conduct or plan to conduct to mitigate transaction
risk, including
       whether a transaction counterparty is subject to sanctions and is
otherwise in
       compliance with applicable laws and regulations. Also add a separately
captioned risk
       factor describing the risks that these due diligence procedures may fail
to prevent
       transactions with a sanctioned entity and the impact if such a
transaction occurs. In
       this regard, we note the sixteenth bullet point on page 63.
42.    Please revise to disclose your policies related to air drops, incidental
rights and hard
       forks, and add risk factors related to such policies as necessary.
43.    We note your disclosure that Twenty One expects to engage in
Bitcoin-centric
       financial services and that preparation for the launch of these
financial services is
       expected to being shortly after the Closing. We also note your
disclosure on page 62
 July 30, 2025
Page 8

       that you expect to engage in Bitcoin-related activities including
Bitcoin-related
       financial and advisory services, Bitcoin-related debt and equity
structured products
       and Bitcoin-related lending activities. Please revise here and in your
Summary of the
       Proxy Statement/Prospectus section to disclose in greater detail the
Bitcoin-centric
       financial services that Twenty One has plans to engage in. Please also
revise
       to provide expanded disclosure regarding your plans, including
anticipated timing for
       the launch of each service.
Custody of Our Bitcoin, page 212

44.    Please revise to disclose the material terms of your agreement with
Anchorage,
       including the term, termination provisions, whether your assets will be
held in
       segregated accounts, the identity of the entities that will have access
to the bitcoin and
       whether any entity will be responsible for verifying the existence of
the bitcoin and
       the extent to which Anchorage will carry insurance for any losses of
bitcoin that it
       custodies for you. In addition, please include your agreement with
Anchorage as an
       exhibit to your registration statement. Also revise your disclosure to
address where
       Anchorage is chartered and how it is regulated.
Bitcoin Education and Branding Strategy, page 213

45.    Please revise to address the steps necessary to develop your educational
content and
       build your platform such that you can begin to offer licenses for the
content to third-
       parties or offer your membership program to third parties, and disclose
the costs
       associated with developing your multimedia library, the sources of
capital and any
       challenges you may face in launching your multimedia library.
Post-Business Combination Beneficial Ownership Table of Pubco, page 234

46.    Please revise the footnotes to the beneficial ownership tables on pages
234 and 235 to
       disclose the natural persons with investment and voting control over the
shares.
Financial Statements, page F-1

47.    Please revise to include financial statements of the registrant, Twenty
One Capital,
       Inc. Refer to Item 14(e) of Form S-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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