Strike CEO Jack Mallers to Lead New Bitcoin Powerhouse Twenty One Capital

Jack Mallers, the well-known Bitcoin maximalist and founder of the Strike payment app, will head Twenty One Capital, a newly formed public company focused on Bitcoin accumulation.

Twenty One Capital launches with a treasury exceeding 42,000 BTC (more than $3.6 billion) and financial backing from SoftBank and Cantor Fitzgerald. Tether, the issuer of the USDT stablecoin, will hold a majority ownership stake. 

The company plans to go public on Nasdaq through Cantor Equity Partners (Nasdaq: CEP) under the new ticker symbol XXI. Additionally, it aims to raise $585 million through convertible senior secured notes and a common equity PIPE financing.

Twenty One Capital will introduce a new vehicle for institutional investors seeking secure exposure to Bitcoin without directly holding the underlying asset. The company aims to combine BTC accumulation with the development of financial products built on the Bitcoin network.

According to an investor presentation filed with the SEC, Twenty One Capital draws comparisons to Strategy (formerly MicroStrategy) and positions itself as a strong contender in the Bitcoin-native company space.

About Jack Mallers

Jack Mallers was born and raised in Chicago, United States. In 2020, he founded Strike, a payments app built on the Bitcoin Lightning Network, designed to make BTC a universal tool for payments and savings. Under his leadership, Strike quickly partnered with El Salvador’s government and local payment services to facilitate large-scale remittance flows.

In 2021, Mallers personally introduced the benefits of Bitcoin to President Nayib Bukele and played a key role in its adoption as legal tender. Strike’s infrastructure has since supported cross-border remittances, making it easier for Salvadorans to receive money from abroad.

Mallers has also been critical of the crypto industry’s heavy reliance on USDT and has stated his intention to gradually reduce the platform’s use of the stablecoin.

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,

said Paolo Ardoino, CEO of Tether.

Structure and Key Launch Metrics

With 42,000 BTC in its treasury, Twenty One Capital becomes the third-largest corporate holder of Bitcoin, trailing only Strategy (formerly MicroStrategy) and Mara Holdings. 

According to earlier reports, the capital contributions from key partners will include:

• Tether will convert $1.5 billion into BTC
• SoftBank will contribute $900 million
• Bitfinex will add $600 million

Moreover, the company plans to raise an additional $585 million through: 

• $350 million in convertible senior secured notes
• $200 million via a common equity PIPE financing

These proceeds will be converted at $10 per share. Once the deal closes, CEP shares will be rebranded and trade under the new ticker symbol XXI on Nasdaq.

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,

said Jack Mallers, Co-Founder and CEO Strike.

Related: Strategy Expands Bitcoin Holdings with $285M Purchase of 3,459 BTC

Growth Strategy and Product Roadmap

Twenty One Capital positions itself as a Bitcoin-native company with a core focus on increasing its Bitcoin Per Share (BPS). 

Beyond direct BTC accumulation, the company plans to develop:

• Lending products
• Capital market instruments
• Educational platforms for institutional and retail investors

In its press release, the company committed to advancing Bitcoin-based financial infrastructure by replacing traditional models with solutions built on the Bitcoin network. It also pledged to publish research and educational content aimed at boosting global Bitcoin awareness.