Bitcoin Treasury: Jack Mallers’ Bold Move to Challenge MicroStrategy
Get ready for a shake-up in the world of corporate Bitcoin holdings! Jack Mallers, the founder of Strike, is launching a new venture called Twenty One Capital with ambitious plans to become the leading **Bitcoin treasury** firm, potentially surpassing MicroStrategy’s dominant position. This move has already captured significant attention, backed by major players in the industry.
**Jack Mallers Twenty One**: A New Vision
Twenty One Capital is entering the scene with substantial backing from industry heavyweights like Tether, SoftBank, and Cantor Fitzgerald. Led by Jack Mallers as CEO, the firm aims to be a “superior vehicle for investors seeking capital-efficient Bitcoin exposure.” Mallers states, “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.” The plan is to create a public stock, ticker XXI, built by and for Bitcoin proponents.
Launching with Significant **Corporate Bitcoin Holdings**
Twenty One Capital intends to launch with approximately 42,000 Bitcoin (BTC), valued at roughly $3.9 billion. This initial stash comes from significant contributions:
- Tether: ~23,950 BTC
- SoftBank: ~10,500 BTC
- Bitfinex: ~7,000 BTC
These Bitcoin holdings will be converted into equity at $10 per share. To facilitate a public listing, the firm is pursuing a blank-check merger with Cantor Equity Partners (CEP) and plans to raise an additional $585 million through convertible bonds and equity financing. Upon completion, CEP will convert to the XXI ticker on Nasdaq.
The **MicroStrategy Challenge** Detailed
Twenty One Capital isn’t shying away from direct comparison with Michael Saylor’s MicroStrategy (MSTR). In an investor presentation to the SEC, they explicitly positioned themselves as potentially superior for investors seeking capital-efficient Bitcoin exposure. Their argument centers on MicroStrategy’s scale:
- MicroStrategy holds over 534,000 BTC.
- To significantly increase its Bitcoin Per Share (BPS), MSTR would need increasingly massive investments.
- Twenty One argues this diminishes the per-share impact of future capital deployments for MSTR.
In contrast, Twenty One proposes a more “pure play” approach with Bitcoin-native operations and greater flexibility for future capital raises, suggesting it could offer a more efficient way for investors to gain leveraged Bitcoin exposure.
Beyond Stacking: What’s Next for **XXI Stock**?
Twenty One Capital’s vision extends beyond simply accumulating Bitcoin. The firm plans a multi-stage business approach:
- Establish a significant Bitcoin treasury.
- Develop and launch Bitcoin-focused products and services.
- Become a leading platform for Bitcoin adoption and education.
Planned offerings include Bitcoin debt and equity products, an advisory service, a lending platform, and an educational platform. They also intend to partner with others to host Bitcoin conferences. “Twenty One’s mission will be to accelerate Bitcoin adoption and Bitcoin literacy at both institutional and retail levels,” the firm stated.
If Twenty One launches with its stated 42,000 BTC, it would immediately become the third-largest corporate holder of Bitcoin, trailing only MicroStrategy and Bitcoin mining firm MARA Holdings (currently holding around 47,600 BTC), according to data from BitcoinTreasuries.NET.
The news had an immediate market impact, with Cantor Equity Partners (CEP) shares surging over 54% on the announcement day and continuing to climb in after-hours trading. This venture also highlights existing ties, strengthening the relationship between Tether (a major investor) and Cantor, which manages reserves backing Tether’s USDT stablecoin.
Twenty One Capital is set to be majority-owned by Tether and Bitfinex, with SoftBank holding a notable minority stake. This combination of leadership, backing, and a clear strategy positions Twenty One Capital as a significant new player aiming to redefine the landscape of corporate Bitcoin treasuries.
In summary, Jack Mallers and his team at Twenty One Capital are launching a direct challenge to MicroStrategy’s reign in the corporate Bitcoin space. With substantial initial holdings, strong financial backing, a plan for a public listing under the **XXI stock** ticker, and a vision for broader Bitcoin services, Twenty One Capital is poised to become a major force, offering investors a new way to gain exposure to Bitcoin’s growth.
