Jack Mallers Just Launched a $3.9B Bitcoin Play to Challenge Saylor’s Strategy

Last Updated on April 24, 2025

Written by

Efe Bravo

Bitcoin golden coins on a chart, Blockchain technology, bitcoin mining concept

Key Takeaways:

Jack Mallers’ new firm, Twenty One Capital, backed by Tether, SoftBank, and Bitfinex, will launch with 42,000 BTC and go public via a Nasdaq listing under ticker “XXI”.
The firm aims to outpace Michael Saylor’s strategy with a more Bitcoin-native and capital-efficient model, converting $3.9B in BTC into equity.
It plans to expand into Bitcoin-based financial services, with Tether and Bitfinex holding majority ownership and SoftBank a major minority stake.

Jack Mallers, founder of Strike, is launching Twenty One Capital, a Bitcoin treasury firm aiming to challenge giants like Michael Saylor’s MicroStrategy.

Backed by Tether, SoftBank, and Cantor Fitzgerald, the firm will debut with a massive 42,000 BTC treasury (worth about $3.9 billion), contributed by its backers and converted into equity at $10 per share.

So it begins…@Tether_to + @SoftBank + @bitfinex + @Official_Cantor + @jackmallers announced Twenty One, a Bitcoin-native Company, expected to launch with over 42,000 Bitcoin and a mission to maximize Bitcoin Ownership Per Share.

At Tether and Bitfinex, we have always… pic.twitter.com/Da8nD85mVE
— Paolo Ardoino 🤖 (@paoloardoino) April 24, 2025

Twenty One Capital plans to go public via a merger with Cantor Equity Partners, with shares trading under the Nasdaq ticker “XXI”.

The company is also raising $585 million through convertible bonds and equity to support its expansion.

Mallers described the firm as a Bitcoin-native, capital-efficient vehicle built specifically “by Bitcoiners, for Bitcoiners,” emphasizing innovation over imitation.

Initially becoming the third-largest corporate Bitcoin holder, the firm plans to outpace competitors by launching a broad suite of Bitcoin-focused financial products, including advisory services, a lending platform, and educational initiatives.

It also aims to engage the wider Bitcoin community through conferences and partnerships.

Following the announcement, Cantor Equity shares surged over 54%, with further gains in after-hours trading.

Tether and Bitfinex will hold majority ownership, while SoftBank retains a significant minority stake—deepening ties with Cantor, which manages U.S. Treasury reserves backing Tether’s USDT stablecoin.