Twenty One Capital, a newly launched Bitcoin treasury firm spearheaded by Strike founder Jack Mallers, is positioning itself to outpace Michael Saylor’s MicroStrategy as the go-to corporate vehicle for Bitcoin (BTC) exposure. Backed by Tether, SoftBank, and Cantor Fitzgerald, the firm aims to become the superior Bitcoin play for capital-efficient investors.
Launching with $3.9 Billion in Bitcoin
According to an April 23 announcement, Twenty One Capital plans to start operations with 42,000 BTC (valued at $3.9 billion):
- 23,950 BTC from Tether
- 10,500 BTC from SoftBank
- 7,000 BTC from Bitfinex
These holdings will be converted into equity at $10 per share, and the company seeks a public listing via a blank-check merger with Cantor Equity Partners, trading under the Nasdaq ticker XXI after raising $585 million through convertible bonds and equity financing.
A Bold Mission: The Most Successful Company in Bitcoin
Jack Mallers outlined his vision:
“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.”
He emphasized that Twenty One is a public stock built by Bitcoiners, for Bitcoiners, contrasting its Bitcoin-native approach with MicroStrategy’s more traditional structure.
Why Twenty One Sees Itself as Superior to MicroStrategy
In filings with the U
.S. SEC, Twenty One claims it offers more flexible, capital-efficient Bitcoin exposure:
MicroStrategy currently holds 534,741 BTC, but further increasing its Bitcoin Per Share (BPS) requires significantly larger investments.
Twenty One Capital proposes a pure-play Bitcoin model, focusing on Bitcoin-native operations and dynamic capital strategies.
If successful, Twenty One would become the third-largest corporate Bitcoin holder, after MicroStrategy and MARA Holdings (47,600 BTC).
More Than Just Bitcoin Holdings: A Full Bitcoin Ecosystem
Beyond treasury holdings, Twenty One Capital aims to build:
- Bitcoin debt and equity products
- Advisory and lending platforms
- Educational services
- Partnerships for Bitcoin conferences
Their goal? To accelerate Bitcoin adoption and literacy across institutional and retail markets.
Market Reaction and Strategic Partnerships
The announcement triggered a 54.2% surge in Cantor Equity Partners (CEP) stock, with shares rising from $10.70 to $16.50 and another 25.1% gain in after-hours trading.
Tether, which manages $145.3 billion in USDT reserves, and Cantor (holding a 5% stake in Tether) will have majority ownership of Twenty One, while SoftBank holds a significant minority stake.
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