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 holder globally.
Backed by Tether and SoftBank, Twenty One is on a mission to maximize Bitcoin ownership per share, giving public market investors direct exposure to Bitcoin through a newly structured financial vehicle.
Bitcoin First, Public Markets Second
According to a Financial Times report, the venture is building a multibillion-dollar Bitcoin acquisition vehicle—an approach mirroring MicroStrategy’s playbook—and will absorb large amounts of cryptocurrency from its strategic backers to scale operations.
“Markets need reliable money to measure value and allocate capital efficiently. We believe that Bitcoin is the answer,” said Mallers. “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.”
Capital Raise and Bitcoin Commitments
The company will launch with $585 million in funding raised through PIPE financing and convertible notes, with capital allocated toward additional Bitcoin purchases and operational expansion.
Tether, a co-founder in the venture, has committed to purchasing Bitcoin equal to the full PIPE raise prior to closing, signaling a strong foundational push toward Treasury Bitcoin accumulation.
Twenty One Bitcoin Holdings Set New Corporate Benchmark
With 42,000 BTC at inception, Twenty One is poised to become a market leader in corporate Bitcoin exposure, following only MicroStrategy and Tesla in raw BTC holdings. Unlike those firms, however, Twenty One’s entire business model is built around Bitcoin from day one.
Source
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/jack-mallers-launches-twenty-one-to-go-public-with-over-42000-bitcoin-holdings/