Jack Mallers Launches ‘Twenty One’ to Go Public With Over 42,000 Bitcoin Holdings

Jack Mallers, co-founder and CEO of Strike, has been named CEO of a newly formed Bitcoin-native firm, Twenty One Capital, Inc., which is preparing to go public via a SPAC merger with Cantor Equity Partners.

Jack Mallers, co-founder and CEO of Strike, has been named CEO of a newly formed Bitcoin-native firm, Twenty One Capital, Inc., which is preparing to go public via a SPAC merger with Cantor Equity Partners.

The firm will trade under the ticker $XXI and launch with more than 42,000 BTC in its treasury—positioning it as the third-largest corporate Bitcoin on the market.

Backed by Tether and SoftBank, Twenty One is focused on maximizing Bitcoin ownership per share, aiming to give public market investors optimal exposure to Bitcoin through a newly structured financial vehicle.

"Markets need reliable money to measure value and allocate capital efficiently. We believe that Bitcoin is the answer. Twenty One is how we bring that answer to public markets," said Mallers.

"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."

At launch, the company will have $585 million in funding through PIPE financing and convertible notes, capital that will be used for further Bitcoin purchases and operational expansion.

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Tether, a co-founder in the venture, has committed to purchasing Bitcoin equal to the full PIPE raise prior to closing.

With 42,000 BTC at inception, Twenty One is poised to become a major player in corporate Bitcoin exposure, following only MicroStrategy and Tesla in raw BTC terms. However, unlike those firms, Twenty One's entire business model is built around Bitcoin from day one.