Jack Mallers Appointed CEO of Twenty One Capital: A Bitcoin Treasury Strategy Poised to Challenge Traditional Finance

Jack Mallers, the entrepreneur behind Strike, has assumed leadership of Twenty One Capital, Inc., a newly formed entity engineered to become one of the world’s largest institutional Bitcoin holders through a SPAC merger with Cantor Equity Partners. Trading under ticker $XXI upon public debut, this venture represents a paradigm shift in how corporations approach Bitcoin accumulation and shareholder value.

The Bitcoin Powerhouse Model

The company will commence operations with a staggering treasury exceeding 42,000 Bitcoin, positioning it as the globe’s third-largest corporate holder of the world’s leading cryptocurrency. This strategic positioning isn’t accidental—Twenty One Capital is deliberately architected to replicate and expand upon the success formula pioneered by MicroStrategy, which transformed Bitcoin holdings into a core corporate strategy.

What distinguishes this initiative is its dual mandate: beyond maximizing Bitcoin ownership per share, Twenty One will simultaneously develop financial instruments and media infrastructure dedicated to Bitcoin innovation. This hybrid approach suggests a recognition that Bitcoin adoption requires both capital accumulation and ecosystem development.

Capital Mobilization and Partner Alignment

The vehicle launches with $585 million in capital sourced through PIPE financing and convertible debt instruments. Notably, Tether, serving as a co-founder alongside SoftBank’s backing, has committed to purchasing Bitcoin equivalent to the entire PIPE raise prior to the merger’s completion. This commitment signals deep conviction about Bitcoin’s role in global finance.

According to Mallers, “We’re not here to beat the market, we’re here to build a new one.” This philosophy underscores Twenty One Capital’s departure from speculative trading toward long-term Bitcoin accumulation designed for the public markets.

Redefining Bitcoin’s Purpose in Public Markets

Paolo Ardoino, Tether’s CEO, emphasized the project’s foundational mission: “Bitcoin’s decentralized, immutable nature makes it essential infrastructure for a reimagined financial system.” The strategy prioritizes Bitcoin as an ultimate store of value rather than a trading instrument—a distinction increasingly important as institutional adoption grows.

Twenty One Capital’s emergence reflects a maturation in how mainstream finance perceives Bitcoin. By offering direct exposure through a publicly traded corporate structure, the company bridges retail and institutional capital seeking Bitcoin exposure without managing custody directly.

The platform’s planned expansion into lending models, capital market instruments, and Bitcoin-focused content creation suggests that the new Bitcoin powerhouse intends to become more than a treasury—it aims to be an ecosystem player shaping how the world’s largest cryptocurrency integrates into traditional finance.