Jack Mallers, co-founder and CEO of Strike, has been named co-founder and CEO of Twenty One Capital, Inc., a brand new Bitcoin-native agency making ready to go public through a SPAC merger with Cantor Fairness Companions. The corporate plans to commerce underneath the ticker $XXI and can launch with an preliminary treasury of greater than 42,000 Bitcoin—making it the third-largest company Bitcoin holder on the planet.
Backed by Tether and SoftBank, Twenty One enters the market with a transparent mission: to maximise Bitcoin possession per share and provide buyers direct publicity to Bitcoin through a public firm construction. Final night time, the Monetary Instances reported that “The consortium is making a multibillion-dollar bitcoin acquisition car that can soak up billions in cryptocurrency from the opposite companions and use the funds in an try to copy the success of MicroStrategy.”
“Markets want dependable cash to measure worth and allocate capital effectively,” mentioned Jack Mallers. “We imagine that Bitcoin is the reply, and Twenty One is how we deliver that reply to public markets. Our mission is straightforward: to develop into essentially the most profitable firm in Bitcoin, essentially the most worthwhile monetary alternative of our time. We’re not right here to beat the market, we’re right here to construct a brand new one. A public inventory, constructed by Bitcoiners, for Bitcoiners.”
Twenty One will debut with $585 million in capital raised by way of PIPE financing and convertible notes, with funds earmarked for added Bitcoin purchases and basic operations. Tether, a co-founder of the enterprise, has dedicated to buying Bitcoin equal to the complete PIPE elevate forward of closing.
“Bitcoin is among the solely really decentralized, immutable, and censorship-resistant asset, and its function as the inspiration of a brand new monetary system is inevitable,” mentioned Paolo Ardoino, CEO of Tether. “With Jack on the helm, we’re proud to help this effort to additional Bitcoin’s adoption and reinforce its function as the last word retailer of worth. At Tether, now we have all the time believed in supporting initiatives that strengthen Bitcoin’s dominance and real-world utility. Twenty One will take a Bitcoin-first strategy that aligns with our imaginative and prescient—prioritizing accumulation over hypothesis and constructing long-term worth for many who perceive what Bitcoin represents.”
With its twin give attention to monetary merchandise and Bitcoin-centered media, Twenty One goals to evolve the MicroStrategy, now rebranded to Technique, mannequin right into a broader platform for Bitcoin-native innovation, providing new capital market devices, lending fashions, and pro-Bitcoin content material for public shareholders.
