# EDGAR Filing Document

**Accession Number:** 0001865602
**File Stem:** 0001213900-25-117373
**Filing Date:** 2025-12
**Character Count:** 25579
**Document Hash:** 8b86420db58a3d1cc6f1c37cd2885917
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-117373.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001213900-25-117373

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**SUBJECT COMPANY**: 

**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:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-290246
- **FILM NUMBER:** 251544239

**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 BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cantor Equity Partners, Inc.
- **CENTRAL INDEX KEY:** 0001865602
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 981576482
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 110 EAST 59TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-610-2307

**MAIL ADDRESS:**
- **STREET 1:** 110 EAST 59TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CF Acquisition Corp. A
- **DATE OF NAME CHANGE:** 20230627

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CF International Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210603

**Filed by Cantor Equity Partners, Inc.**

**pursuant to Rule 425 under the Securities Act of 1933**

**and deemed filed pursuant to Rule 14a-12**

**under the Securities Exchange Act of 1934**

**Subject Company: Twenty One Capital, Inc.**

**Commission File No. 333-290246**

**Date: December 2, 2025**

As previously disclosed, on April 22, 2025, Cantor Equity Partners, Inc. ("CEP"), a Cayman Islands exempted company, and Twenty One Capital, Inc., a Texas corporation ("Pubco"), entered into a Business Combination Agreement (the "Business Combination Agreement") with Twenty One Merger Sub D, a Cayman Islands exempted company, Twenty One Assets, LLC, a Delaware limited liability company ("Twenty One"), Tether Investments, S.A. de C.V., an El Salvador Sociedad anónima de capital variable, iFinex, Inc., a British Virgin Islands company, and solely for the purposes of certain provisions in the Business Combination Agreement, Stellar Beacon LLC, a Delaware limited liability company.

On December 1, 2025, Jack Mallers, Co-Founder and Chief Executive Officer of Pubco, made the below communications on his Jack Mallers Show on YouTube and a portion of the transcript is below.

**<u>Transcript of Jack Mallers on the Jack Mallers Show, Found on YouTube, Published December 1, 2025</u>**

**Jack Mallers:** Before I get started in ranting and raving and screaming about Japan, Twenty One, usually I talk about my businesses at the end of the episode, but, you guys, for the last six months, maybe longer, seven months maybe, have been asking me, when Twenty One? When Twenty One? When Twenty One? Let me speak on it briefly in the beginning so that everyone that has an interest in it can hear it. They don't have to wait an hour. Okay. What is Twenty One? Twenty One is a company I co-founded with Tether. Softbank is a minority but significant investor. They put about $1 billion into the business. It is a de-SPAC. It means we are de-SPAC and combining with Cantor Equity Partners, okay? And the reason I can't talk about it too much, and the reason it isn't actually live yet and trading on a stock exchange under the ticker XXI, which we hope to be our ticker symbol, is because this combination between Cantor Equity Partners and Twenty One has been ongoing. It needs approval from entities like the SEC, and we are in a quiet period, where during this process, I can't run my mouth and tell you guys all that we're going to do and tell you what we're working on, and give you insights into the business or KPIs into the business and how much money we're making. I wasn't allowed to do any of that, okay. Still not, to be clear. However, what I can now tell you guys is that our shareholder vote is December 3rd. So the way these things work, is the shareholders approve whether the business combination actually goes forward or not.

**Jack Mallers:** Oops. Wrong button. So the Cantor Equity Partners shareholder meeting to approve the combination with Twenty One, with my company, is December 3rd. Today is December 1st, so it is in two days. The really exciting thing about Cantor Equity Partners, and since we've launched the proposal to combine businesses, is majority of the stock is held by retail, is held by you guys, which I think is unbelievably cool. A lot of the times when you do these type of shareholder votes to approve a de-SPAC, it doesn't actually matter because all of the equity is concentrated in institutional investors. Who cares for the vote because the vote is between two institutional investors that already talk to each other every day and approved it. Ours is not ours. This is an equity of the people. Well, really, what we've always wanted it to be, and what I think it will become, is the Bitcoin equity. We want to be, as I've said, the best version of Coinbase, which is a cash generating business. We aren't interested in Shitcoins. We aren't interested in creating a speculative mania. We're interested in Bitcoin, but we do appreciate that businesses like Coinbase have cash flow, they have operating cash flow. And MicroStrategy. MicroStrategy is one of the largest Bitcoin holders, or it is the largest Bitcoin holder in the world. They've done a tremendous job at being very aggressive in building a large stash of Bitcoin.

**Jack Mallers:** We think we can combine those two. We can be an incredible Bitcoin operating company with high growth, high margin profit, cash flow, that can help then finance our ability to be one of the top, if not the top owners, of Bitcoin in the world. We want to be the Bitcoin equity and that means, we hope, at least I hope, that bitcoiners are our shareholders. So if, anyways, all of that to say, vote on the approval, if you're interested. Now I have to be very clear. I can't tell you how to vote. It's not my prerogative to tell you how to vote. You make that decision on your own. But what I can do is say, hey, this is the last step before Twenty One goes public on a stock exchange, and the ticker XXI is up. And then I exit my quiet period and we are able to then build the business in the capital markets. So, when you guys ask me every episode, it's the most asked question I get, when Twenty One? When Twenty One? When Twenty One? Well, assuming our shareholder vote goes well on December 3rd, then Twenty One will commence in going public, hopefully very shortly after that. So if you are a shareholder and you know other shareholders, make sure they're aware of the vote, and once the vote commences, which is on Wednesday, I hope to have extremely exciting news thereafter, but can't tell you guys how to vote. I don't control the vote and uh, I can only share that much, but I did want to make sure I get that out there.

**Jack Mallers:** I know that this is a little unusual, that I start an episode this way, but this is a very unusual event, and that I'm attempting to take my company public, uh, in partnership with SoftBank and co-founding it with Tether. Uh, it's one of the biggest stories to hit Wall Street this year. We're very excited about it and I want you guys to be aware, because when we check our data, you guys are our shareholders. And again, this is a shareholder vote. This is a stock built by bitcoiners for bitcoiners, by the people, for the people. So if you guys have questions please ask them. I will do Q&A at the end, but I did want to make sure that people didn't have to wait an hour and a half or longer to get that information, because it is obviously important. You guys have been waiting a very long time for this transaction to go through.

**Jack Mallers:** Um, any new info on the Twenty One launch? And then another question is where can we vote for the XXI shareholder vote? Yeah, so, I said the same thing, you know. I was talking to our lawyers this morning and I said, honestly, I might post a video on Twitter for a few reasons. One, I'm not sure people know they can vote and I'm not sure people know how to vote. Um, and two, it's actually really cool because usually in the SPAC things, they're like, the bag holders are these institutions and they own majority of the equity or all of the equity, and so these votes never matter. But for us it's very unique. Like people, the hell, uh, people have accused us of, like, oh, some institution dumped this, some institution did that. Like when you look at the outstanding shares that exist in CEP, it's like, almost all retail, like individuals, people. Like, there is no institutional concentration of anything. So one, I think that's really cool. Like, we are trying to be like, the Bitcoin equity built by bitcoiners. And the bottoms up movement resonates with me, with the business and with Bitcoin. So, one that's cool. Two, yes, you can vote. So our shareholder, uh, meeting for the business combination is on Wednesday and specifically 10 a.m. Wednesday, so it's not even like end of day Wednesday, so you would need to vote before then. And then how you vote depends on how you purchased the stock. So, you know, for example, if you bought it from Robinhood, you can go vote inside of Robinhood. Um, if you bought it from a broker, you can contact the broker and request to have your voting control number, to approve.

**Jack Mallers:** But the point that everyone should know is that if you want XXI to list on a stock exchange soon, this is like the final step to doing that. And so as a shareholder, you know, you can voice your support for the business to get approved and for us to list on an exchange and officially start as Twenty One, you can voice that support by voting. And so if you are a shareholder, you know, I would appreciate you voting, but I, I very, very, um, seriously cannot tell you guys how to vote. I can encourage you to vote, and I can let you know that if everything gets approved, we will list and Tether and I will officially be able to run this company in the public markets, whereas today we have not been able to do that. We have not technically started. We've been waiting for the transaction to close. So, does that answer your question?

On December 1, 2025, Jack Mallers, Co-Founder an Chief Executive Officer of Pubco, posted video on his X account announcing the Extraordinary General Meeting of the shareholders of Cantor Equity Partners, Inc. to approve the Business Combination Agreement and transcript is below.

**Jack Mallers:** Yo, what is going on guys? I've got some exciting news in regards to Twenty One. Twenty One, the Bitcoin company. I co-founded the business with Tether, our largest outside investor and partner is SoftBank, and we've been attempting to take the company public via de-SPAC with Cantor Equity Partners. The exciting news, Cantor Equity Partners shareholder meeting to approve the business combination with Twenty One is this Wednesday, December 3rd at 10 a.m.. Why is that so exciting? What's the relevance? Well, assuming a positive outcome that would allow Twenty One to close the business combination and publicly list under the ticker XXI on a stock exchange and officially operate the business publicly. I know so many of you guys have been excited about that possible outcome. I certainly have been. There's no doubt and no secret about that. So why am I making a video about it? Well, this, in my opinion, is one of the most badass parts about Twenty One, is we are going to be significantly held by retail, which is fairly unique. Usually in these type of SPAC transactions, when you have a shareholder vote, and this isn't for every company, but I would say traditionally, it is concentrated with institutions. The shareholder base is not very decentralized, it's not very distributed, and so these shareholder meetings don't have that many inputs. For us, that's not the case. Twenty One will be significantly held by retail, which I think speaks to Bitcoin, the mission. It's a bottoms up movement. My focus throughout my career on the everyday individual, Tether as a business. So, it's very, very , and it's very, very cool. But when we were talking to our team and our lawyers, they're saying, hey, um, how do you want to tell retail and people out in the Bitcoin industry that there is a shareholder vote, that if the transaction gets approved, the business could go public as soon as next week.

**Jack Mallers:** They want, whatever, emails and all sorts of stuff that's just not us. And I said, I'm gonna get out my phone, record a video, and I'm gonna tweet it. That's my preference of, we believe in transparency, authenticity, credibility, we're bitcoiners. It's the Bitcoin company built by bitcoiners for bitcoiners. So I wanted everyone that follows me to know that, if you are a CEP shareholder, we hope that you cast a vote. To be very clear, I cannot and will not tell you how to vote, but if you are a shareholder, we hope you participate and cast your vote by December 3rd at 10 a.m., and if the outcome is positive, as soon as next week, we can begin our journey as a public company, which is very, very, very exciting. If you want to vote, you can contact your broker. It depends on where you bought the stock, but you contact your broker, and you can likely vote through there. But, this is very much our style, directly to the people, directly to our shareholders, transparency, authenticity, clarity. Uh, we want to be the Bitcoin company. So with that, if you guys have questions, please leave them below. I'm happy to answer them, to which I'm allowed. And I'm looking forward to the next few weeks. Really, really exciting times. Take care guys.

Jack Mallers, Co-Founder and Chief Executive Officer of Pubco, and Paolo Ardoino, Director of Bitfinex, made below communications on X.com regarding the above video.

Jack Maller's X post

![](image_001.jpg)

Paolo Ardoino's X post

![](image_002.jpg)

***Additional Information and Where to Find It***

In connection with their pending business combination, Pubco and Twenty One have filed with the SEC a registration statement on Form S-4 (the "Registration Statement"), which include a preliminary proxy statement of CEP and a prospectus (the "Proxy Statement/Prospectus") in connection with the Business Combination and certain convertible senior secured notes offering and common equity PIPE financings (the "PIPE Offerings" and, together with the Business Combination, the "Proposed Transactions"). The definitive proxy statement and other relevant documents have been mailed to shareholders of CEP as of a record date to be established for voting on the Business Combination and other matters as described in the Proxy Statement/Prospectus. CEP and/or Pubco will also file other documents regarding the Proposed Transactions with the SEC. This Report does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CEP AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CEP'S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CEP, TWENTY ONE, PUBCO AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CEP and Pubco, without charge, once available, on the SEC's website at www.sec.gov or by directing a request to: Cantor Equity Partners, Inc., 110 East 59th Street, New York, NY 10022; e-mail: CantorEquityPartners@cantor.com, or upon written request to Twenty One Capital, Inc., via email at info@xxi.money, respectively.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE PROPOSED TRANSACTIONS OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS REPORT. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

The convertible notes of Pubco and the CEP Class A ordinary shares to be issued in the PIPE Offerings have not been registered under the Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

***Participants in the Solicitation***

CEP, Twenty One, Pubco and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CEP's shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CEP's securities are, or will be, contained in CEP's filings with the SEC, including CEP's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 28, 2025. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CEP's shareholders in connection with the Proposed Transactions, including the names and interests of the directors and executive officers of CEP, Twenty One and Pubco, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed with the SEC. Investors and security holders may obtain free copies of these documents as described above.

***No Offer or Solicitation***

The information contained in this Report is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CEP, Twenty One or Pubco, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

***Forward-Looking Statements***

This Report contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving CEP, Pubco and Twenty One, including expectations, intentions, plans, prospects regarding CEP, Pubco, Twenty One and the Proposed Transactions and statements regarding the anticipated timing of the completion of the Proposed Transactions, assets held by Pubco, use of proceeds and the satisfaction of closing conditions to the Proposed Transactions. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "potential," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Report, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CEP's securities; the risk that the Proposed Transactions may not be completed by CEP's business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Business Combination, including the approval of CEP's shareholders, or any of the PIPE Offerings; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of CEP's public shareholders which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the CEP Class A ordinary shares or the shares of Class A common stock of Pubco, par value $0.01 per share ("Pubco Class A Stock"); the lack of a third-party fairness opinion in determining whether or not to pursue the Business Combination; the failure of Pubco to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to Pubco's anticipated operations and business, including the highly volatile nature of the price of Bitcoin; the risk that Pubco's stock price will be highly correlated to the price of Bitcoin and the price of Bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; risks related to increased competition in the industries in which Pubco will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding Bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the Proposed Transactions, Pubco experiences difficulties managing its growth and expanding operations; the risks that growing Pubco's learning programs and educational content could be difficult; challenges in implementing Pubco's business plan including Bitcoin-related financial and advisory services, due to operational challenges, significant competition and regulation; the outcome of any potential legal proceedings that may be instituted against CEP, Pubco, Twenty One or others following announcement of the Proposed Transactions, and those risk factors discussed in documents that CEP, Pubco and/or Twenty One filed, or that will be filed, with the SEC.

The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "*Risk Factors*" section of the final prospectus of CEP, dated as of August 12, 2024 and filed by CEP with the SEC on August 13, 2024, CEP's Quarterly Reports on Form 10-Q, CEP's Annual Report on Form 10-K and the Registration Statement that will be filed by Pubco and Twenty One and the Proxy Statement/Prospectus contained therein, and other documents filed by CEP, Twenty One and Pubco from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CEP, Twenty One nor Pubco presently know or that CEP, Twenty One and Pubco currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CEP, Twenty One and Pubco assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CEP, Twenty One nor Pubco gives any assurance that either CEP, Twenty One or Pubco will achieve its expectations. The inclusion of any statement in this Report does not constitute an admission by CEP, Twenty One or Pubco or any other person that the events or circumstances described in such statement are material.