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Jack Mallers, co-founder and CEO of Strike, has been named co-founder and CEO of Twenty One Capital, Inc., a new Bitcoin-native firm preparing to go public via a SPAC merger with Cantor Equity Partners. The company plans to trade under the ticker $XXI and will launch with an initial treasury of more than 42,000 Bitcoin—making it the third-largest corporate Bitcoin holder in the world.
Backed by Tether and SoftBank, Twenty One enters the market with a clear mission: to maximize Bitcoin ownership per share and offer investors direct exposure to Bitcoin via a public company structure. Last night, the Financial Times reported that “The consortium is creating a multibillion-dollar bitcoin acquisition vehicle that will absorb billions in cryptocurrency from the other partners and use the funds in an attempt to replicate the success of MicroStrategy.”
“Markets need reliable money to measure value and allocate capital efficiently,” said Jack Mallers. “We believe that Bitcoin is the answer, and Twenty One is how we bring that answer to public markets. Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time. We’re not here to beat the market, we’re here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners.”
Twenty One will debut with $585 million in capital raised through PIPE financing and convertible notes, with funds earmarked for additional Bitcoin purchases and general operations. Tether, a co-founder of the venture, has committed to acquiring Bitcoin equivalent to the full PIPE raise ahead of closing.
“Bitcoin is one of the only truly decentralized, immutable, and censorship-resistant asset, and its role as the foundation of a new financial system is inevitable,” said Paolo Ardoino, CEO of Tether. “With Jack at the helm, we are proud to support this effort to further Bitcoin’s adoption and reinforce its role as the ultimate store of value. At Tether, we have always believed in supporting initiatives that strengthen Bitcoin’s dominance and real-world utility. Twenty One will take a Bitcoin-first approach that aligns with our vision—prioritizing accumulation over speculation and building long-term value for those who understand what Bitcoin represents.”
With its dual focus on financial products and Bitcoin-centered media, Twenty One aims to evolve the MicroStrategy, now rebranded to Strategy, model into a broader platform for Bitcoin-native innovation, offering new capital market instruments, lending models, and pro-Bitcoin content for public shareholders.
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