# EDGAR Filing Document

**Accession Number:** 0002070457
**File Stem:** 0001213900-26-037809
**Filing Date:** 2026-4
**Character Count:** 87194
**Document Hash:** a735d8f8df494f6582747cfcade6ccb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-037809.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001213900-26-037809

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260401

**EFFECTIVENESS DATE**: 20260401

**FILER**: 

**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:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294809
- **FILM NUMBER:** 26824239

**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

**As filed with the Securities and Exchange Commission on March 31, 2026**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

**Twenty One Capital, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Texas** | **39-2506682** |
| (Sate or other jurisdiction of<br> incorporation or organization)  | (I.R.S. Employer<br> Identification No.) |
| **111 Congress Avenue, Suite 500, Austin, Texas 78701** | **78701** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**Twenty One Capital, Inc. 2025 Stock Incentive Plan**

(Full title of the plan)

**CT Corporation System**

**1999 Bryan Street, Suite 900**

**Dallas, TX 75201-3136**

(Name and address of agents for service)

**(214) 979-1172**

(Telephone number, including area code, of agent for service)

***Copies to:***

 ****

**Lorenzo Corte, Esq.**<br> **Maria Protopapa, Esq.<br> Skadden, Arps, Slate, Meagher & Flom (UK) LLP<br> 22 Bishopsgate<br> London EC2N 4BQ<br> United Kingdom<br> +44 20 7519 7000**<br>

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**Part I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1. Plan Information.\***

**Item 2. Registrant Information and Employee Plan Annual Information.\***

\* The information specified in Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (this "Registration Statement"). Documents containing such information have been or will be sent or delivered to participants in the Twenty One Capital, Inc. 2025 Stock Incentive Plan (the "2025 Plan") as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities Act"), and the instructions to Form S-8. Such documents are not required to be, and are not, filed with the Securities and Exchange Commission (the "SEC") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**Part II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

Twenty One Capital, Inc. (the "Registrant") hereby incorporates by reference into this Registration Statement the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Annual Report on [Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/2070457/000121390026037460/ea0280065-10k_twenty.htm) for the year ended December 31, 2025, filed with the SEC on March 31, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's Current Report on [Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/2070457/000121390026001442/ea0271770-8k_twenty.htm) filed with the SEC on January 6, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The description of the Registrant's Class A common stock contained in the Registrant's registration statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/2070457/000121390025119080/ea0266983-8a12b_twenty.htm) filed with the SEC on December 8, 2025 (File No. 001-42997), to register such securities under the Securities Exchange Act of 1934 (the "Exchange Act"), including any amendment or report filed for the purpose of updating such description.

In addition, all documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"), prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents with the SEC.

Any statement contained in a document incorporated or deemed to be incorporated by reference in this Registration Statement shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in this Registration Statement, or in any other subsequently filed document that also is or is deemed to be incorporated by reference in this Registration Statement, modifies or supersedes such prior statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Under no circumstances will any information furnished under Items 2.02 or 7.01 of Current Report on Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides to the contrary.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

The Registrant's Amended and Restated Certificate of Formation and Amended and Restated Bylaws contain provisions that limit the liability of the Registrant's directors and officers for monetary damages to the fullest extent permitted by Texas law, as it presently exists or may hereafter be amended from time to time. Consequently, the Registrant's directors and officers will not be personally liable to the Registrant or the Registrant's shareholders for monetary damages for any breach of fiduciary duties as directors and officers, except liability for:

● any breach of the director's or officer's duty of loyalty to the Registrant or its shareholders;

● any act or omission not in good faith that constitutes a breach of duty to the Registrant or involves intentional misconduct or a knowing violation of law;

● any transaction from which the director or officer received an improper personal benefit; or

● an act or omission for which liability is otherwise expressly provided by an applicable statute.

These limitations of liability do not apply to liabilities arising under federal securities laws and do not affect the availability of equitable remedies such as injunctive relief or rescission.

The Registrant's Amended and Restated Certificate of Formation and Amended and Restated Bylaws provide that the Registrant is required to indemnify the Registrant's directors and officers, in each case to the fullest extent permitted by Texas law. Any repeal of or modification to the Registrant's Amended and Restated Certificate of Formation and Amended and Restated Bylaws may not adversely affect any right or protection of a director or officer for or with respect to any acts or omissions of that director or officer occurring prior to that amendment or repeal. The Registrant's Amended and Restated Bylaws also provide that the Registrant will advance expenses incurred by a director or officer in advance of the final disposition of any action or proceeding, and permit the Registrant to secure insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her actions in that capacity regardless of whether the Registrant would otherwise be permitted to indemnify him or her under the provisions of Texas law. The Registrant's directors and officers will be covered by insurance indemnifying them against certain liabilities which might be incurred by them in their capacities as such, including certain liabilities under the Securities Act. The Registrant has entered and expects to continue to enter into agreements to indemnify the Registrant's directors and executive officers. With certain exceptions, these agreements provide for indemnification for (i) any and all liabilities and reasonable expenses, including damages, judgments, fines, penalties, ERISA excise taxes and amounts paid in settlement of any claim with the Registrant's approval and reasonable counsel fees and disbursements and (ii) any liabilities incurred arising out of, relating to or resulting from the indemnitee's acting on behalf of the Registrant in connection with the operation, administration or maintenance of the employee benefit plan or any related trust or funding mechanism. The Registrant believes that these bylaw provisions and indemnification agreements are necessary to attract and retain qualified persons as directors and executive officers.

The limitation of liability and indemnification provisions in the Registrant's Amended and Restated Certificate of Formation and Amended and Restated Bylaws may discourage shareholders from bringing a lawsuit against the Registrant's directors and officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against the Registrant's directors and officers, even though an action, if successful, might benefit the Registrant and other shareholders. Further, a shareholder's investment may be adversely affected to the extent that the Registrant pays the costs of settlement and damage awards against directors and officers as required by these indemnification provisions. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, executive officers or persons controlling the Registrant, the Registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

The following exhibits are filed herewith or incorporated herein by reference.

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 4.1 | [Amended and Restated Certificate of Formation of Twenty One Capital, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant's Form 10-K filed with the SEC on March 31, 2026).](https://www.sec.gov/ix?doc=/Archives/edgar/data/2070457/000121390026037460/ea0280065-10k_twenty.htm) |
| 4.2 | [Amended and Restated Bylaws of Twenty One Capital, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K filed with the SEC on December 12, 2025).](https://www.sec.gov/Archives/edgar/data/2070457/000121390025121293/ea026946001ex3-2_twenty.htm) |
| 5.1\* | [Opinion of Skadden, Arps, Slate, Meagher & Flom LLP.](ea028249301ex5-1.htm) |
| 23.1\* | [Consent of WithumSmith+Brown, PC.](ea028249301ex23-1.htm) |
| 23.2\* | [Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1).](ea028249301ex5-1.htm) |
| 24.1\* | [Power of Attorney (included on the signature page of this Registration Statement).](#a_001) |
| 99.1 | [Twenty One Capital, Inc. 2025 Stock Incentive Plan (incorporated by reference to Exhibit 10.11 to the Registrant's Registration Statement on Form 8-K filed with the SEC on December 12, 2025).](https://www.sec.gov/Archives/edgar/data/2070457/000121390025121293/ea026946001ex10-11_twenty.htm) |
| 99.2\* | [Form of Stock Option Grant Notice and Award Agreement (Incentive Stock Option) under Twenty One Capital, Inc. 2025 Stock Incentive Plan.](ea028249301ex99-2.htm) |
| 99.3\* | [Form of Stock Option Grant Notice and Award Agreement (Nonstatutory Stock Option) under Twenty One Capital, Inc. 2025 Stock Incentive Plan.](ea028249301ex99-3.htm) |
| 99.4\* | [Form of Restricted Stock Unit Grant Notice and Award Agreement under Twenty One Capital, Inc. 2025 Stock Incentive Plan.](ea028249301ex99-4.htm) |
| 107\* | [Filing Fee Table.](ea028249301ex-fee.htm) |

---

\* Filed herewith.

**Item 9. Undertakings.**

A. The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided, however,* that paragraphs (A)(1)(i) and (A)(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

C. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois, on March 31, 2026.

---

| | |
|:---|:---|
| **TWENTY ONE CAPITAL, INC.** | **TWENTY ONE CAPITAL, INC.** |
| By: | /s/ Jack Mallers |
| Name: | Jack Mallers |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

We, the undersigned directors and officers of the Registrant, hereby severally constitute and appoint Jack Mallers, Steven Meehan and James Nguyen, and each of them singly, our true and lawful attorneys, with full power of substitution, for each of them singly, to do any and all acts and all things and to execute any and all instruments which said attorneys and agents may deem necessary or desirable to enable the Registrant to comply with the Securities Act and any rules, regulations and requirements of the Securities and Exchange Commission thereunder, including, without limitation, to sign for us and in our names in the capacities indicated below, the Registration Statement to be filed with the SEC, and any and all pre-effective and post-effective amendments or supplements to this Registration Statement (whether such amendments or supplements are filed before or after the effective date of this Registration Statement), and any related registration statement filed pursuant to Rule 462 under the Securities Act, and any and all instruments or documents filed as part of or in connection with this Registration Statement or any and all amendments thereto (whether such amendments are filed before or after the effective date of this Registration Statement); and each of the undersigned hereby ratifies and confirms all that such attorneys and agents shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Jack Mallers | Chief Executive Officer and Director<br> (Principal Executive Officer) | March 31, 2026 |
| Jack Mallers | Chief Executive Officer and Director<br> (Principal Executive Officer) | March 31, 2026 |
| /s/ Steven Meehan | Chief Financial Officer<br> (Principal Financial Officer) | March 31, 2026 |
| Steven Meehan | Chief Financial Officer<br> (Principal Financial Officer) | March 31, 2026 |
| /s/ Paolo Ardoino | Director | March 31, 2026 |
| Paolo Ardoino | Director | March 31, 2026 |
| /s/ Zachary Lyons | Director | March 31, 2026 |
| Zachary Lyons | Director | March 31, 2026 |
| /s/ Robert "Bo" Hines | Director | March 31, 2026 |
| Robert "Bo" Hines | Director | March 31, 2026 |
| /s/ Raphael Zagury | Director | March 31, 2026 |
| Raphael Zagury | Director | March 31, 2026 |
| /s/ Jared Roscoe | Director | March 31, 2026 |
| Jared Roscoe | Director | March 31, 2026 |
| /s/ Vikas J. Parekh | Director | March 31, 2026 |
| Vikas J. Parekh | Director | March 31, 2026 |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| **Skadden, Arps, Slate, Meagher & Flom llp** |  |
| <br> 1000 Louisiana Street, Suite 6800<br> Houston, Texas 77002-5026<br> ________<br>TEL: (713) 655-5100<br> FAX: (713) 655-5200<br> www.skadden.com<br>| FIRM/AFFILIATE OFFICES<br> -----------<br> BOSTON<br> CHICAGO<br> LOS ANGELES<br> NEW YORK<br> PALO ALTO<br> WASHINGTON, D.C.<br> WILMINGTON<br> -----------<br> ABU DHABI<br> BEIJING<br> BRUSSELS<br> FRANKFURT<br> HONG KONG<br> LONDON<br> MUNICH<br> PARIS<br> SÃO PAULO<br> SEOUL<br> SINGAPORE<br> TOKYO<br> TORONTO<br>|

---

March 31, 2026

Twenty One Capital, Inc.<br> 111 Congress Avenue, Suite 500<br> Austin, Texas 78701<br>

RE: Twenty One Capital, Inc.<br> <u>Registration Statement on Form S-8</u>

Ladies and Gentlemen:

We have acted as special United States counsel to Twenty One Capital, Inc., a Texas corporation (the "**<u>Company</u>**"), in connection with the Company's Registration Statement on Form S-8 (together with the exhibits thereto, the "<u>Registration Statement</u>") to be filed on the date hereof with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933 (the "<u>Securities Act</u>"). The Registration Statement relates to the issuance and sale by the Company of up to 24,358,536 shares (the "<u>Plan Shares</u>") of the Company's Class A common stock, par value $0.01 per share (the "<u>Class A Common Stock</u>") issuable pursuant to Company's 2025 Stock Incentive Plan (the "<u>Plan</u>").

This opinion letter is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K of the General Rules and Regulations of the Commission promulgated under the Securities Act (the "<u>Rules and Regulations</u>").

In rendering the opinion stated herein, we have examined and relied upon the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement in the form to be filed with the Commission on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the Plan;

Twenty One Capital, Inc.

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an executed copy of a certificate of Steven Meehan, Secretary of the Company, dated the date hereof (the "<u>Secretary's Certificate</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of the Company's Certificate of Formation, certified by the Texas Secretary of State as of March 31, 2026, and certified pursuant to the Secretary's Certificate, as being in effect as of the date of December 8, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the Company's Amended and Restated Certificate of Formation, certified by the Texas Secretary of State as of March 31, 2026, and certified pursuant to the Secretary's Certificate, as being in effect on the date of the resolutions referred to below and as of the date hereof (the "<u>Amended and Restated Certificate of Formation</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a copy of the Company's Bylaws, as in effect as of the date of December 8, 2025, certified pursuant to the Secretary's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a copy of the Company's Amended and Restated Bylaws (the "<u>Amended and Restated Bylaws</u>"), as in effect as of the date hereof, certified pursuant to the Secretary's Certificate, as being in effect on the date of the resolutions referred to below and as of the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) copies of certain resolutions of the Board of Directors of the Company relating to the approval of the Plan and certain related matters, adopted on December 8, 2025 certified pursuant to the Secretary's Certificate.

We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Company and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Company and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinion stated below.

In our examination, we have assumed the genuineness of all signatures, including electronic signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photocopied copies, and the authenticity of the originals of such copies. In making our examination of executed documents, we have assumed that the parties thereto, other than the Company, had the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other, and the execution and delivery by such parties of such documents and the validity and binding effect thereof on such parties. As to any facts relevant to the opinion stated herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Company and others and of public officials, including the facts and conclusions set forth in the Secretary's Certificate.

Twenty One Capital, Inc.

March 31, 2026

In rendering the opinion stated herein, we have also assumed that (i) the Plan Shares will be issued in book-entry form and an appropriate account statement evidencing the Plan Shares credited to a recipient's account maintained with the Company's transfer agent and registrar has been or will be issued by the Company's transfer agent and registrar, (ii) the issuance of the Plan Shares have been or will be properly recorded in the books and records of the Company, (iii) each award agreement under which Plan Shares, options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses or other stock-based awards have been or will be granted pursuant to the Plan (each, an "<u>Award Agreement</u>") is or will be consistent with the Plan, (iv) each Award Agreement has been or will be duly authorized, validly executed and delivered by the parties thereto, (v) the Company's authorized capital stock is as set forth in the Amended and Restated Certificate of Formation, and we have relied solely on the certified copy thereof issued by the Texas Secretary of State and have not made any other inquiries or investigations, (vi) the Company will continue to have sufficient authorized shares of Class A Common Stock, (vii) except to the extent expressly stated in the opinion contained herein, the issuance of the Plan Shares does not and will not violate any statute to which the Company or such issuance is subject, (viii) the issuance of the Plan Shares does not and will not conflict with or constitute a violation of, or a breach under, or require the consent or approval of any other person under, any agreement or instrument binding on the Company (except that we do not make this assumption with respect to the Amended and Restated Certificate of Formation or the Amended and Restated Bylaws) and (ix) at all applicable times, the Company was duly formed and was validly existing, and had requisite legal status and legal capacity under the laws of the jurisdiction of its organization.

We do not express any opinion with respect to the laws of any jurisdiction other than the Texas For-Profit Corporation Law (the "<u>TFPCL</u>").

Based upon the foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that the Plan Shares have been duly authorized by all requisite corporate action on the part of the Company under the TFPCL and, when the Plan Shares are issued to the participants in accordance with the terms and conditions of the Plan and the applicable Award Agreement for consideration in an amount at least equal to the par value of such Plan Shares, the Plan Shares will be validly issued, fully paid and nonassessable.

We hereby consent to the filing of this opinion letter with the Commission as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations. This opinion letter is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.

---

| |
|:---|
| Very truly yours, |
| /s/ Skadden, Arps, Slate, Meagher & Flom LLP |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in the Prospectus constituting a part of this Registration Statement on Form S-8 of our report dated March 31, 2026, relating to the consolidated financial statements of Twenty One Capital, Inc. (the "Company"), appearing in the Company's Annual Report on Form 10-K for the period from March 7, 2025 (inception) to December 31, 2025.

We also consent to the reference to us under the caption "Experts" in the Prospectus.

/s/ WithumSmith+Brown, PC

East Brunswick, New Jersey

March 31, 2026

## Exhibit 99.2

**Exhibit 99.2**

*<u>Final Form</u>*

**TWENTY ONE CAPITAL, INC.**

**2025 STOCK INCENTIVE PLAN<br> STOCK OPTION GRANT NOTICE** 

**(INCENTIVE STOCK OPTION)**

Twenty One Capital, Inc., a Texas corporation (the "**Company**"), pursuant to its 2025 Stock Incentive Plan (as may be amended from time to time, the "**Plan**"), hereby grants to [●] (the "**Participant**") an option to purchase the number of shares of Class A common stock of the Company ("**Common Stock**") set forth below (the "**Option**"). This Option is subject to all of the terms and conditions as set forth in this Stock Option Grant Notice, the Option Award Agreement attached hereto as Exhibit A, and the Plan (including without limitation, the terms and conditions applicable to ISOs), all of which are incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Option Award Agreement will have the same definitions as in the Plan or the Option Award Agreement. If there is any conflict between the terms in this Stock Option Grant Notice and the Plan, the terms of the Plan will control.

**Date of Grant**: [●]

**Number of Shares of Common Stock Subject to Option**: [●]

**Exercise Price (per Share)**: [●]

**Expiration Date**: [●]

**Type of Grant**: ISO

**Vesting Commencement Date**: [●]

**Vesting Terms**:

[●]

**Additional Terms/Acknowledgments**: The Participant acknowledges receipt of, and understands and agrees to, this Stock Option Grant Notice, the Option Award Agreement and the Plan. The Participant further acknowledges that as of the Date of Grant, this Stock Option Grant Notice, the Option Award Agreement, and the Plan set forth the entire understanding between the Participant and the Company regarding this Option and supersede all prior oral and written agreements, promises and/or representations on the terms of this Option, with the exception, if applicable, of any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law.

By accepting this Option, the Participant acknowledges having received and read the Stock Option Grant Notice, the Option Award Agreement and the Plan and agrees to all of the terms and conditions set forth in these documents. The Participant consents to receive Plan documents by electronic delivery and to participate in the Plan through an on-line or electronic system maintained by the Company or a third-party designated by the Company.

*[Signature Page Follows]*

 

ACKNOWLEDGED AND AGREED TO BY:

---

| | | |
|:---|:---|:---|
| **Twenty One Capital, Inc.** | **Participant** | **Participant** |
| By: | By: |  |
| Name: | Name: | [●] |
| Title: |  |  |
|  | Date: |  |
| Date: |  |  |

---

**EXHIBIT A**

**TWENTY ONE CAPITAL, INC.** 

**2025 STOCK INCENTIVE PLAN<br> OPTION AWARD AGREEMENT<br> (INCENTIVE STOCK OPTION)**

**Pursuant to the Stock Option Grant Notice ("Grant Notice") and this Option Award Agreement (the "Option Award Agreement"), Twenty One Capital, Inc., a Texas corporation (the "Company") has granted the Participant an Option under its 2025 Stock Incentive Plan (as may be amended from time to time, the "Plan") to purchase the number of shares of the Company's Common Stock indicated in the Grant Notice at the exercise price indicated in the Grant Notice. The Option is granted to the Participant effective as of the date of grant set forth in the Grant Notice (the "Date of Grant"). Subject to <u>Section 2(c)</u> of this Option Award Agreement, the Option granted pursuant to the Grant Notice is intended to qualify, to the fullest extent permitted under Section 422 of the Code, as an "incentive stock option" within the meaning of Section 422 of the Code. If there is any conflict between the terms in this Option Award Agreement and the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this Option Award Agreement but defined in the Plan or the Grant Notice will have the same definitions as in the Plan or the Grant Notice.**

**The details of the terms of conditions of the Option, in addition to those set forth in the Grant Notice and the Plan, are as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Vesting</u>. The Option shall vest in accordance with the Grant Notice. Unless otherwise provided under the Grant Notice or the Plan, vesting will cease upon the termination of the Participant's employment or service with the Company and all Subsidiaries thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exercise and Dispositions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Timing of Exercise</u>*. Following the vesting of the Option in accordance with the Grant Notice, the Participant (or, in the case of the Participant's death, the Participant's personal representative, executor or executrix) may exercise all or any portion of such vested portion of the Option at any time prior to the earliest to occur of:

(i). The tenth (10<sup>th</sup>) anniversary of the Date of Grant;

(ii). The first (1<sup>st</sup>) anniversary of the date of the Participant's termination of employment by the Company or its Subsidiaries without Cause, or by the Participant for Good Reason, or as a result of death or Disability of the Participant;

(iii). Ninety (90) days following the Participant's voluntary termination of employment with the Company and its Subsidiaries by the Participant, other than for Good Reason or as a result of death or Disability of the Participant; and

(iv). The close of business on the last business day immediately prior to the date of the Participant's termination of employment by the Company or its Subsidiaries for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Method of Exercise*. The Participant may exercise the Option by giving written notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by payment in full of the aggregate exercise price of the Shares so purchased in cash or its equivalent; <u>provided</u> that, as determined by the Administrator in its sole discretion, the Participant may be permitted to satisfy payment of the aggregate exercise price of such Shares (i) by means of consideration received under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option shall be exercised, (iii) in any other form of consideration approved by the Administrator and permitted by applicable law or (iv) by any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *ISO/Nonqualified Stock Option*. The Participant acknowledges that to the extent the aggregate Fair Market Value (determined on the date of grant) of the Shares for which ISOs are exercisable for the first time by the Participant during any calendar year (under all plans of the Company, including the Plan) exceeds US$100,000, such excess ISOs will be treated as Nonqualified Stock Options, as determined under Section 422(d) of the Code. The Participant also acknowledges that if any ISOs are exercised more than three (3) months after the Participant's termination of service, other than by reason of disability (within the meaning of Section 422(c)(6) of the Code) or death, such ISOs will be treated as Nonqualified Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Disqualifying Dispositions*. The Participant shall notify the Company in writing immediately after the date the Participant makes a Disqualifying Disposition of any Share acquired pursuant to the exercise of any portion of the Option. A "Disqualifying Disposition" is any disposition (including any sale) of such Shares before the later of (i) two (2) years after the date of grant of the Option and (ii) one (1) year after the date the Participant acquired the Shares by exercising any portion of the Option. Such notice shall specify the date of the Disqualifying Disposition and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer. The Company may, if determined by the Administrator and in accordance with procedures established by it, retain possession of any Shares acquired pursuant to the exercise of any portion of the Option as agent for the Participant until the end of the period described in the preceding sentence, subject to complying with any instructions from the Participant as to the sale of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Tax Withholding*. The Company shall be entitled to require a cash payment by or on behalf of the Participant in respect of any sums required or permitted by federal, state or local tax law to be withheld with respect to the Option; <u>provided</u> that, as determined by the Administrator in its sole discretion, the Participant may be permitted to satisfy the applicable tax obligations with respect to the Option by cashless exercise or net share settlement, pursuant to which the Company shall withhold from the number of Shares that would otherwise be issued upon exercise of the Option the smallest whole number of Shares with a Fair Market Value equal to or exceeding the applicable tax obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Voting and Other Rights</u>. Unless and until Shares are issued in respect of the exercise of the vested portions of the Option, the Participant shall have no rights of a stockholder with respect to the Shares subject to the Option (including any right to vote and any right to receive distributions or dividends).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Option Award Agreement and Grant Notice Subject to Plan</u>. This Option Award Agreement and the Grant Notice are made pursuant to all of the provisions of the Plan, which is incorporated herein by this reference, and are intended, and shall be interpreted in a manner, to comply therewith. In the event of any conflict between the provisions of this Option Award Agreement, the Grant Notice and the provisions of the Plan, the provisions of the Plan shall govern. The Participant hereby acknowledges receipt of a copy of the Plan. The Participant hereby acknowledges that all decisions, determinations and interpretations of the Administrator in respect of the Plan, this Option Award Agreement, the Grant Notice and the Option shall be final and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Rights to Continuation of Service</u>. Nothing in the Plan, this Option Award Agreement or the Grant Notice shall confer upon the Participant any right to continue in the service of the Company or any Affiliate thereof or shall interfere with or restrict the right of the Company or its Affiliates to terminate the Participant's service at any time for any reason whatsoever, with or without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compliance With Section 409A of the Code.</u> The Option is intended to comply with Code Section 409A to the extent subject thereto and shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Date of Grant. Notwithstanding any provision in the Plan, this Option Award Agreement or the Grant Notice to the contrary, no payment or distribution under this Option Award Agreement or the Grant Notice that constitutes an item of deferred compensation under Code Section 409A and becomes payable by reason of the Participant's termination of service with the Company or any of its Affiliates will be made to the Participant until the Participant's termination of service constitutes a "separation from service" (as defined in Code Section 409A). For purposes of this Option Award Agreement and the Grant Notice, each amount to be paid or benefit to be provided shall be construed as a separate identified payment for purposes of Code Section 409A. If a participant is a "specified employee" (as defined in Code Section 409A), then to the extent necessary to avoid the imposition of taxes under Code Section 409A, such Participant shall not be entitled to any payments upon a termination of his or her service until the earlier of: (i) the expiration of the six (6)-month period measured from the date of such Participant's "separation from service" and (ii) the date of such Participant's death. Upon the expiration of the applicable waiting period set forth in the preceding sentence, all payments and benefits deferred pursuant to this <u>Section 6</u> (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such deferral) shall be paid to such Participant in a lump sum as soon as practicable, but in no event later than sixty (60) calendar days, following such expired period, and any remaining payments due under this Option Award Agreement or the Grant Notice will be paid in accordance with the normal payment dates specified for them herein. Notwithstanding the foregoing, the Company is not guaranteeing any particular tax outcome, and the Participant shall remain solely liable for any and all tax consequences associated with the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Tax Consequences.</u> The Company has no duty or obligation to minimize the tax consequences to the Participant of this Option and shall not be liable to the Participant for any adverse tax consequences to the Participant arising in connection with this Option. The Participant is hereby advised to consult with the Participant's own personal tax, financial and/or legal advisors regarding the tax consequences of this Option and by signing the Grant Notice, the Participant has agreed that the Participant has done so or knowingly and voluntarily declined to do so. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant's own tax liability that may arise as a result of this investment or the transactions contemplated by this Option Award Agreement and the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Set-Off</u>. The Participant hereby acknowledges and agrees, without limiting the rights of the Company or any Affiliate thereof otherwise available at law or in equity, that, to the extent permitted by law, any amount due to the Participant under this Option Award Agreement or the Grant Notice may be reduced by, and set-off against, any or all amounts or other consideration payable by the Participant to the Company or any of its Affiliates under any other agreement or arrangement between the Participant and the Company or any of its Affiliates; <u>provided</u> that any such set-off does not result in a penalty under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law</u>. This Option Award Agreement and the Grant Notice shall be governed by and construed in accordance with the laws of the State of Texas, without giving effect to the principles of conflicts of law of such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Option Award Agreement and Grant Notice Binding on Successors</u>. The terms of this Option Award Agreement and the Grant Notice shall be binding upon the Participant and upon the Participant's heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees, subject to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>No Assignment</u>. Notwithstanding anything to the contrary in this Option Award Agreement or the Grant Notice, this Option Award Agreement, the Grant Notice and any rights granted herein and thereunder shall not be assignable by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Necessary Acts</u>. The Participant hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Option Award Agreement and the Grant Notice, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Severability</u>. Should any provision of this Option Award Agreement or the Grant Notice be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Option Award Agreement or the Grant Notice, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Option Award Agreement and the Grant Notice. Moreover, if one or more of the provisions contained in this Option Award Agreement or the Grant Notice shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Entire Agreement</u>. This Option Award Agreement, the Grant Notice and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral, express or implied, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Headings</u>. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Amendment</u>. No amendment or modification hereof shall be valid unless it shall be in writing and signed by the Company and the Participant hereto. Notwithstanding the foregoing, this Option Award Agreement may be amended solely by the Administrator by a writing which specifically states that it is amending this Option Award Agreement, so long as a copy of such amendment is delivered to the Participant, and provided that, except as otherwise expressly provided in the Plan, no such amendment materially adversely affecting the Participant's rights hereunder may be made without the Participant's written consent. Without limiting the foregoing, the Administrator reserves the right to change, by written notice to the Participant, the provisions of this Option Award Agreement in any way it may deem necessary or advisable to carry out the purpose of the Option as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, <u>provided</u> that any such change shall be applicable only to rights relating to that portion of the Option which is then subject to restrictions as provided herein.

\* \* \*

This Option Award Agreement will be deemed to be signed by the Company and the Participant upon the signing by the Company and the Participant of the Grant Notice.

## Exhibit 99.3

**Exhibit 99.3**

*<u>Final Form</u>*

**TWENTY ONE CAPITAL, INC.**

**2025 STOCK INCENTIVE PLAN<br> STOCK OPTION GRANT NOTICE** 

**(NONSTATUTORY STOCK OPTION)**

Twenty One Capital, Inc., a Texas corporation (the "**Company**"), pursuant to its 2025 Stock Incentive Plan (as may be amended from time to time, the "**Plan**"), hereby grants to [●] (the "**Participant**") an option to purchase the number of shares of Class A common stock of the Company ("**Common Stock**") set forth below (the "**Option**"). This Option is subject to all of the terms and conditions as set forth in this Stock Option Grant Notice, the Option Award Agreement attached hereto as Exhibit A, and the Plan, all of which are incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Option Award Agreement will have the same definitions as in the Plan or the Option Award Agreement. If there is any conflict between the terms in this Stock Option Grant Notice and the Plan, the terms of the Plan will control.

**Date of Grant**: [●]

**Number of Shares of Common Stock Subject to Option**: [●]

**Exercise Price (per Share)**: [●]

**Expiration Date**: [●]

**Type of Grant**: Nonstatutory Stock Option

**Vesting Commencement Date**: [●]

**Vesting Terms**:

[●]

**Additional Terms/Acknowledgments**: The Participant acknowledges receipt of, and understands and agrees to, this Stock Option Grant Notice, the Option Award Agreement and the Plan. The Participant further acknowledges that as of the Date of Grant, this Stock Option Grant Notice, the Option Award Agreement, and the Plan set forth the entire understanding between the Participant and the Company regarding this Option and supersede all prior oral and written agreements, promises and/or representations on the terms of this Option, with the exception, if applicable, of any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law.

By accepting this Option, the Participant acknowledges having received and read the Stock Option Grant Notice, the Option Award Agreement and the Plan and agrees to all of the terms and conditions set forth in these documents. The Participant consents to receive Plan documents by electronic delivery and to participate in the Plan through an on-line or electronic system maintained by the Company or a third-party designated by the Company.

*[Signature Page Follows]*

 

ACKNOWLEDGED AND AGREED TO BY:

---

| | | |
|:---|:---|:---|
| **Twenty One Capital, Inc.** | **Participant** | **Participant** |
| By: | By: |  |
| Name: | Name: | [●] |
| Title: |  |  |
|  | Date: |  |
| Date: |  |  |

---

**EXHIBIT A**

**TWENTY ONE CAPITAL, INC.** 

**2025 STOCK INCENTIVE PLAN<br> OPTION AWARD AGREEMENT<br> (NONSTATUTORY STOCK OPTION)**

**Pursuant to the Stock Option Grant Notice ("Grant Notice") and this Option Award Agreement (the "Option Award Agreement"), Twenty One Capital, Inc., a Texas corporation (the "Company") has granted the Participant an Option under its 2025 Stock Incentive Plan (as may be amended from time to time, the "Plan") to purchase the number of shares of the Company's Common Stock indicated in the Grant Notice at the exercise price indicated in the Grant Notice. The Option is granted to the Participant effective as of the date of grant set forth in the Grant Notice (the "Date of Grant"). If there is any conflict between the terms in this Option Award Agreement and the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this Option Award Agreement but defined in the Plan or the Grant Notice will have the same definitions as in the Plan or the Grant Notice.**

**The details of the terms of conditions of the Option, in addition to those set forth in the Grant Notice and the Plan, are as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Vesting</u>. The Option shall vest in accordance with the Grant Notice. Unless otherwise provided under the Grant Notice or the Plan, vesting will cease upon the termination of the Participant's employment or service with the Company and all Subsidiaries thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Timing of Exercise</u>*. Following the vesting of the Option in accordance with the Grant Notice, the Participant (or, in the case of the Participant's death, the Participant's personal representative, executor or executrix) may exercise all or any portion of such vested portion of the Option at any time prior to the earliest to occur of:

(i). The tenth (10<sup>th</sup>) anniversary of the Date of Grant;

(ii). The first (1<sup>st</sup>) anniversary of the date of the Participant's termination of employment by the Company or its Subsidiaries without Cause, or by the Participant for Good Reason, or as a result of death or Disability of the Participant;

(iii). Ninety (90) days following the Participant's voluntary termination of employment with the Company and its Subsidiaries by the Participant, other than for Good Reason or as a result of death or Disability of the Participant; and

(iv). The close of business on the last business day immediately prior to the date of the Participant's termination of employment by the Company or its Subsidiaries for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Method of Exercise*. The Participant may exercise the Option by giving written notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by payment in full of the aggregate exercise price of the Shares so purchased in cash or its equivalent; <u>provided</u> that, as determined by the Administrator in its sole discretion, the Participant may be permitted to satisfy payment of the aggregate exercise price of such Shares (i) by means of consideration received under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option shall be exercised, (iii) in any other form of consideration approved by the Administrator and permitted by applicable law or (iv) by any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Tax Withholding*. The Company shall be entitled to require a cash payment by or on behalf of the Participant in respect of any sums required or permitted by federal, state or local tax law to be withheld with respect to the Option; <u>provided</u> that, as determined by the Administrator in its sole discretion, the Participant may be permitted to satisfy the applicable tax obligations with respect to the Option by cashless exercise or net share settlement, pursuant to which the Company shall withhold from the number of Shares that would otherwise be issued upon exercise of the Option the smallest whole number of Shares with a Fair Market Value equal to or exceeding the applicable tax obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Voting and Other Rights</u>. Unless and until Shares are issued in respect of the exercise of the vested portions of the Option, the Participant shall have no rights of a stockholder with respect to the Shares subject to the Option (including any right to vote and any right to receive distributions or dividends).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Option Award Agreement and Grant Notice Subject to Plan</u>. This Option Award Agreement and the Grant Notice are made pursuant to all of the provisions of the Plan, which is incorporated herein by this reference, and are intended, and shall be interpreted in a manner, to comply therewith. In the event of any conflict between the provisions of this Option Award Agreement, the Grant Notice and the provisions of the Plan, the provisions of the Plan shall govern. The Participant hereby acknowledges receipt of a copy of the Plan. The Participant hereby acknowledges that all decisions, determinations and interpretations of the Administrator in respect of the Plan, this Option Award Agreement, the Grant Notice and the Option shall be final and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Rights to Continuation of Service</u>. Nothing in the Plan, this Option Award Agreement or the Grant Notice shall confer upon the Participant any right to continue in the service of the Company or any Affiliate thereof or shall interfere with or restrict the right of the Company or its Affiliates to terminate the Participant's service at any time for any reason whatsoever, with or without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compliance With Section 409A of the Code</u>. The Option is intended to comply with Code Section 409A to the extent subject thereto and shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Date of Grant. Notwithstanding any provision in the Plan, this Option Award Agreement or the Grant Notice to the contrary, no payment or distribution under this Option Award Agreement or the Grant Notice that constitutes an item of deferred compensation under Code Section 409A and becomes payable by reason of the Participant's termination of service with the Company or any of its Affiliates will be made to the Participant until the Participant's termination of service constitutes a "separation from service" (as defined in Code Section 409A). For purposes of this Option Award Agreement and the Grant Notice, each amount to be paid or benefit to be provided shall be construed as a separate identified payment for purposes of Code Section 409A. If a participant is a "specified employee" (as defined in Code Section 409A), then to the extent necessary to avoid the imposition of taxes under Code Section 409A, such Participant shall not be entitled to any payments upon a termination of his or her service until the earlier of: (i) the expiration of the six (6)-month period measured from the date of such Participant's "separation from service" and (ii) the date of such Participant's death. Upon the expiration of the applicable waiting period set forth in the preceding sentence, all payments and benefits deferred pursuant to this <u>Section 6</u> (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such deferral) shall be paid to such Participant in a lump sum as soon as practicable, but in no event later than sixty (60) calendar days, following such expired period, and any remaining payments due under this Option Award Agreement or the Grant Notice will be paid in accordance with the normal payment dates specified for them herein. Notwithstanding the foregoing, the Company is not guaranteeing any particular tax outcome, and the Participant shall remain solely liable for any and all tax consequences associated with the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Tax Consequences</u>. The Company has no duty or obligation to minimize the tax consequences to the Participant of this Option and shall not be liable to the Participant for any adverse tax consequences to the Participant arising in connection with this Option. The Participant is hereby advised to consult with the Participant's own personal tax, financial and/or legal advisors regarding the tax consequences of this Option and by signing the Grant Notice, the Participant has agreed that the Participant has done so or knowingly and voluntarily declined to do so. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant's own tax liability that may arise as a result of this investment or the transactions contemplated by this Option Award Agreement and the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Set-Off</u>. The Participant hereby acknowledges and agrees, without limiting the rights of the Company or any Affiliate thereof otherwise available at law or in equity, that, to the extent permitted by law, any amount due to the Participant under this Option Award Agreement or the Grant Notice may be reduced by, and set-off against, any or all amounts or other consideration payable by the Participant to the Company or any of its Affiliates under any other agreement or arrangement between the Participant and the Company or any of its Affiliates; <u>provided</u> that any such set-off does not result in a penalty under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law</u>. This Option Award Agreement and the Grant Notice shall be governed by and construed in accordance with the laws of the State of Texas, without giving effect to the principles of conflicts of law of such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Option Award Agreement and Grant Notice Binding on Successors</u>. The terms of this Option Award Agreement and the Grant Notice shall be binding upon the Participant and upon the Participant's heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees, subject to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>No Assignment</u>. Notwithstanding anything to the contrary in this Option Award Agreement or the Grant Notice, this Option Award Agreement, the Grant Notice and any rights granted herein and thereunder shall not be assignable by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Necessary Acts</u>. The Participant hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Option Award Agreement and the Grant Notice, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Severability</u>. Should any provision of this Option Award Agreement or the Grant Notice be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Option Award Agreement or the Grant Notice, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Option Award Agreement and the Grant Notice. Moreover, if one or more of the provisions contained in this Option Award Agreement or the Grant Notice shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Entire Agreement</u>. This Option Award Agreement, the Grant Notice and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral, express or implied, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Headings</u>. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Amendment</u>. No amendment or modification hereof shall be valid unless it shall be in writing and signed by the Company and the Participant hereto. Notwithstanding the foregoing, this Option Award Agreement may be amended solely by the Administrator by a writing which specifically states that it is amending this Option Award Agreement, so long as a copy of such amendment is delivered to the Participant, and provided that, except as otherwise expressly provided in the Plan, no such amendment materially adversely affecting the Participant's rights hereunder may be made without the Participant's written consent. Without limiting the foregoing, the Administrator reserves the right to change, by written notice to the Participant, the provisions of this Option Award Agreement in any way it may deem necessary or advisable to carry out the purpose of the Option as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, <u>provided</u> that any such change shall be applicable only to rights relating to that portion of the Option which is then subject to restrictions as provided herein.

\* \* \*

This Option Award Agreement will be deemed to be signed by the Company and the Participant upon the signing by the Company and the Participant of the Grant Notice.

## Exhibit 99.4

**Exhibit 99.4**

**TWENTY ONE CAPITAL, INC.<br> 2025 STOCK INCENTIVE PLAN<br> RESTRICTED STOCK UNIT GRANT NOTICE**

Twenty One Capital, Inc., a Texas corporation (the **"Company"**), pursuant to its 2025 Stock Incentive Plan (as may be amended from time to time, the **"Plan"**), hereby grants [●] (the "**Participant**") this award of Restricted Stock Units as set forth below (the **"Award"**). The Award is subject to all of the terms and conditions as set forth in this Restricted Stock Unit Grant Notice (the "**Grant Notice**"), the Restricted Stock Unit Award Agreement attached hereto as Exhibit A (the "**RSU Award Agreement**"), and the Plan, all of which are incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the RSU Award Agreement will have the same definitions as in the Plan or the RSU Award Agreement. If there is any conflict between the terms in this Grant Notice and the Plan, the terms of the Plan will control.

**Date of Grant**: [●]

**Number of Restricted Stock Units Granted**: [●]

**Vesting Commencement Date:** [●]

**Vesting Terms:**

[●]

**Additional Terms/Acknowledgments**: The Participant acknowledges receipt of, and understands and agrees to, this Grant Notice, the RSU Award Agreement and the Plan. The Participant further acknowledges that as of the Date of Grant, this Grant Notice, the RSU Award Agreement, and the Plan set forth the entire understanding between the Participant and the Company regarding this Award and supersede all prior oral and written agreements, promises and/or representations on the terms of this Award, with the exception, if applicable, of any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law.

By accepting this Award, the Participant acknowledges having received and read the Grant Notice, the RSU Award Agreement and the Plan and agrees to all of the terms and conditions set forth in these documents. The Participant consents to receive Plan documents by electronic delivery and to participate in the Plan through an on-line or electronic system maintained by the Company or a third-party designated by the Company.

*[Signature Page Follows]*

 

ACKNOWLEDGED AND AGREED TO BY:

---

| | | |
|:---|:---|:---|
| **Twenty One Capital, Inc.** | **Participant** | **Participant** |
| By: | By: |  |
| Name: | Name: | [●] |
| Title: |  |  |
|  | Date: |  |
| Date: |  |  |

---

**EXHIBIT A**

**TWENTY ONE CAPITAL, INC.<br> 2025 STOCK INCENTIVE PLAN<br> RESTRICTED STOCK UNIT AWARD AGREEMENT**

**Pursuant to the Restricted Stock Unit Grant Notice (the "Grant Notice") and this Restricted Stock Unit Award Agreement (the "RSU Award Agreement"), Twenty One Capital, Inc., a Texas corporation (the "Company"), has granted the Participant an award of Restricted Stock Units as indicated in the Grant Notice (the "Award") under its 2025 Stock Incentive Plan (as may be amended from time to time, the "Plan"). The Award is granted to the Participant effective as of the date of grant set forth in the Grant Notice (the "Date of Grant"). If there is any conflict between the terms in this RSU Award Agreement and the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this RSU Award Agreement but defined in the Plan or the Grant Notice will have the same definitions as in the Plan or the Grant Notice.**

**The details of the terms of conditions of the Award, in addition to those set forth in the Grant Notice and the Plan, are as follows:**

1. <u>Vesting</u>. The Award shall vest in accordance with the Grant Notice. Unless otherwise provided under
the Grant Notice or the Plan, vesting will cease upon the termination of the Participant's employment or service with the Company
and all Subsidiaries thereof.

2.  **<u>Settlement of Restricted Stock Units</u>** . Each Restricted Stock Unit represents the right to
receive one Share, upon the satisfaction of the terms and conditions set forth in Grant Notice, the RSU Award Agreement and the Plan.
Upon the vesting of the Restricted Stock Units, the Shares related to such vested Restricted Stock Units under the Award shall be delivered
promptly following the date such Restricted Stock Units have become vested, and in any event no later than March 15th of the calendar
year following the year of vesting or within such other period as is required to avoid accelerated taxation and/or tax penalties under
Section 409A of the Code.

3.  **<u>Tax Withholding</u>.** The Company shall be entitled to require a cash payment by or on behalf
of the Participant in respect of any sums required or permitted by federal, state or local tax law to be withheld with respect to the
Award; <u>provided</u> that, as determined by the Administrator in its sole discretion, the Participant may be permitted to satisfy
the applicable tax obligations with respect to the Award by net share settlement, pursuant to which the Company shall withhold from the
number of Shares that would otherwise be issued upon settlement of the Restricted Stock Units the smallest whole number of Shares with
a Fair Market Value equal to or exceeding the applicable tax obligations.

4. <u>Voting and Other Rights</u>. Unless and
 until Shares are issued in respect of the settlement of the vested Restricted Stock Units,
 the Participant shall have no rights of a stockholder with respect to the Shares subject
 to the Restricted Stock Units (including any right to vote and any right to receive distributions
 or dividends).

5. <u>RSU Award Agreement and Grant Notice Subject to Plan</u>. This RSU Award Agreement and the Grant Notice are made pursuant to all of the
 provisions of the Plan, which is incorporated herein by this reference, and are intended,
 and shall be interpreted in a manner, to comply therewith. In the event of any conflict between
 the provisions of this RSU Award Agreement, the Grant Notice and the provisions of the Plan,
 the provisions of the Plan shall govern. The Participant hereby acknowledges receipt of a
 copy of the Plan. The Participant hereby acknowledges that all decisions, determinations
 and interpretations of the Administrator in respect of the Plan, this RSU Award Agreement,
 the Grant Notice and the Restricted Stock Units shall be final and conclusive.

6. <u>No Rights to Continuation of Service</u>.
 Nothing in the Plan, this RSU Award Agreement or the Grant Notice shall confer upon the Participant
 any right to continue in the service of the Company or any Affiliate thereof or shall interfere
 with or restrict the right of the Company or its Affiliates to terminate the Participant's
 service at any time for any reason whatsoever, with or without Cause.

7. <u>Compliance With Section 409A of the Code</u>. The Award and the payments and benefits under the Grant Notice and the RSU Award
 Agreement are intended to comply with Code Section 409A to the extent subject thereto and
 shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations
 and other interpretive guidance issued thereunder, including without limitation any such
 regulations or other guidance that may be issued after the Date of Grant. Notwithstanding
 any provision in the Plan, this RSU Award Agreement or the Grant Notice to the contrary,
 no payment or distribution under this RSU Award Agreement or the Grant Notice that constitutes
 an item of deferred compensation under Code Section 409A and becomes payable by reason of
 the Participant's termination of service with the Company or any of its Affiliates
 will be made to the Participant until the Participant's termination of service constitutes
 a "separation from service" (as defined in Code Section 409A). For purposes of
 this RSU Award Agreement and the Grant Notice, each amount to be paid or benefit to be provided
 shall be construed as a separate identified payment for purposes of Code Section 409A. If
 a participant is a "specified employee" (as defined in Code Section 409A), then
 to the extent necessary to avoid the imposition of taxes under Code Section 409A, such Participant
 shall not be entitled to any payments upon a termination of his or her service until the
 earlier of: (i) the expiration of the six (6)-month period measured from the date of such
 Participant's "separation from service" and (ii) the date of such Participant's
 death. Upon the expiration of the applicable waiting period set forth in the preceding sentence,
 all payments and benefits deferred pursuant to this Section 7 (whether they would have otherwise
 been payable in a single lump sum or in installments in the absence of such deferral) shall
 be paid to such Participant in a lump sum as soon as practicable, but in no event later than
 sixty (60) calendar days, following such expired period, and any remaining payments due under
 this RSU Award Agreement or the Grant Notice will be paid in accordance with the normal payment
 dates specified for them herein. Notwithstanding the foregoing, the Company is not guaranteeing
 any particular tax outcome, and the Participant shall remain solely liable for any and all
 tax consequences associated with the Restricted Stock Units.

8. <u>Tax Consequences</u>. The Company
 has no duty or obligation to minimize the tax consequences to the Participant of the Restricted
 Stock Units and shall not be liable to the Participant for any adverse tax consequences to
 the Participant arising in connection with the Restricted Stock Units. The Participant is
 hereby advised to consult with the Participant's own personal tax, financial and/or
 legal advisors regarding the tax consequences of the Restricted Stock Units and by signing
 the Grant Notice, the Participant has agreed that the Participant has done so or knowingly
 and voluntarily declined to do so. The Participant understands that the Participant (and
 not the Company) shall be responsible for the Participant's own tax liability that
 may arise as a result of this investment or the transactions contemplated by this RSU Award
 Agreement and the Grant Notice.

9.  **<u>Set-Off.</u>** The Participant hereby acknowledges and agrees, without limiting the rights of
the Company or any Affiliate thereof otherwise available at law or in equity, that, to the extent permitted by law, any amount due to
the Participant under this RSU Award Agreement or the Grant Notice may be reduced by, and set-off against, any or all amounts or other
consideration payable by the Participant to the Company or any of its Affiliates under any other agreement or arrangement between the
Participant and the Company or any of its Affiliates; <u>provided</u> that any such set-off does not result in a penalty under Section
409A of the Code.

10. <u>Governing Law</u>. This RSU Award
 Agreement and the Grant Notice shall be governed by and construed in accordance with the
 laws of the State of Texas, without giving effect to the principles of conflicts of law of
 such state.

11. <u>RSU Award Agreement and Grant Notice Binding on Successors</u>. The terms of this RSU Award Agreement and the Grant Notice shall
 be binding upon the Participant and upon the Participant's heirs, executors, administrators,
 personal representatives, transferees, assignees and successors in interest, and upon the
 Company and its successors and assignees, subject to the terms of the Plan.

12. <u>No Assignment</u>. Notwithstanding
 anything to the contrary in this RSU Award Agreement or the Grant Notice, this RSU Award
 Agreement, the Grant Notice and any rights granted herein and thereunder shall not be assignable
 by the Participant.

13. <u>Necessary Acts</u>. The Participant
 hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably
 necessary to carry out the provisions of this RSU Award Agreement and the Grant Notice, including
 but not limited to all acts and documents related to compliance with federal and/or state
 securities and/or tax laws.

14. <u>Severability</u>. Should any provision
 of this RSU Award Agreement or the Grant Notice be held by a court of competent jurisdiction
 to be unenforceable, or enforceable only if modified, such holding shall not affect the validity
 of the remainder of this RSU Award Agreement or the Grant Notice, the balance of which shall
 continue to be binding upon the parties hereto with any such modification (if any) to become
 a part hereof and treated as though contained in this original RSU Award Agreement and the
 Grant Notice. Moreover, if one or more of the provisions contained in this RSU Award Agreement
 or the Grant Notice shall for any reason be held to be excessively broad as to scope, activity,
 subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision,
 such provision or provisions shall be construed by the appropriate judicial body by limiting
 or reducing it or them, so as to be enforceable to the maximum extent compatible with the
 applicable law as it shall then appear, and such determination by such judicial body shall
 not affect the enforceability of such provisions or provisions in any other jurisdiction.

15. <u>Entire Agreement</u>. This RSU Award
 Agreement, the Grant Notice and the Plan contain the entire agreement and understanding of
 the parties with respect to the subject matter hereof and supersede all prior agreements,
 promises, covenants, arrangements, communications, representations and warranties between
 them, whether written or oral, express or implied, with respect to the subject matter hereof.

16. <u>Headings</u>. Headings are used
 solely for the convenience of the parties and shall not be deemed to be a limitation upon
 or descriptive of the contents of any such Section.

17. <u>Amendment</u>. No amendment or modification
 hereof shall be valid unless it shall be in writing and signed by the Company and the Participant
 hereto. Notwithstanding the foregoing, this RSU Award Agreement may be amended solely by
 the Administrator by a writing which specifically states that it is amending this RSU Award
 Agreement, so long as a copy of such amendment is delivered to the Participant, and provided
 that, except as otherwise expressly provided in the Plan, no such amendment materially adversely
 affecting the Participant's rights hereunder may be made without the Participant's
 written consent. Without limiting the foregoing, the Administrator reserves the right to
 change, by written notice to the Participant, the provisions of this RSU Award Agreement
 in any way it may deem necessary or advisable to carry out the purpose of the RSU Award Agreement
 as a result of any change in applicable laws or regulations or any future law, regulation,
 ruling, or judicial decision, <u>provided</u> that any such change shall be applicable only
 to rights relating to that portion of the Award which is then subject to restrictions as
 provided herein.

\* \* \*

This RSU Award Agreement will be deemed to be signed by the Company and the Participant upon the signing by the Company and the Participant of the Grant Notice.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**Twenty One Capital, Inc**

**Table 1: Newly Registered Securities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Class A common stock, reserved for issuance under the Registrant's 2025 Stock Incentive Plan | (1) | Other | 10912038 | $6.32 | $68964080.16 | 0.0001381 | $9523.94 |
| Equity | Class A common stock, reserved for issuance under the Registrant's 2025 Stock Incentive Plan | (2) | Other | 13446498 | $14.32 | $192553851.36 | 0.0001381 | $26591.69 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $261517931.52 |  | 36115.63 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $36115.63 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) 1a. Represents shares of Class A common stock reserved for issuance under the Registrant's 2025 Stock Incentive Plan (the "Plan"). 1b. Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(h) and 457(c) under the Securities Act. The Proposed Maximum Offering Price Per Unit is based on the average of the high and low prices of the Registrant's Class A common stock, as reported on the New York Stock Exchange on March 27, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents Common Shares issuable upon the exercise of outstanding options granted under the Plan executed on December 8, 2025 and January 2, 2026. The corresponding proposed maximum offering price per share, which is estimated in accordance with Rule 457(h) solely for the purpose of calculating the registration fee, represents the weighted average exercise price of such outstanding options.