In a groundbreaking development for the Bitcoin ecosystem, Jack Mallers has been announced as the CEO of Twenty One Capital, Inc. ("Twenty One"), a new Bitcoin-native company formed through a business combination with Cantor Equity Partners (Nasdaq: CEP). The company will be majority-owned by Tether and Bitfinex, with significant minority ownership by SoftBank Group.
This announcement comes alongside Mallers' recent disclosure of impressive financial figures for Strike, where he will continue to serve as CEO while also leading Twenty One.
The Formation of Twenty One
According to the April 23, 2025 announcement, Twenty One is expected to launch with over 42,000 Bitcoin in its treasury, positioning it as the third-largest corporate Bitcoin holder in the world. The company has entered into a definitive agreement for a business combination with Cantor Equity Partners, a SPAC sponsored by an affiliate of Cantor Fitzgerald.
The transaction, which values Twenty One at a pro-forma enterprise value of $3.6 billion (based on a Bitcoin spot price of $84,863.57), is expected to provide approximately $540 million in proceeds to the new company through:
- A fully committed convertible senior secured notes PIPE of $385 million
- A fully committed common equity PIPE of $200 million at $10.00 per share
- $100 million of cash held in the trust account of Cantor Equity Partners
Announcing Twenty One: https://t.co/zg4PVHidw2
— Jack Mallers (@jackmallers) April 24, 2025
Twenty One is a #Bitcoin-native company and the ultimate vehicle for capital markets to access #Bitcoin
We intend to leverage capital markets to maximize #Bitcoin ownership per share (BPS) & pioneer #Bitcoin-native financial tools pic.twitter.com/RixWzvcL1y
After the transaction closes, Twenty One will seek to trade under the ticker symbol "XXI" on Nasdaq.
A Bitcoin-First Approach to Corporate Performance
Twenty One is introducing a fundamentally different approach to measuring corporate success, replacing traditional financial metrics with Bitcoin-denominated alternatives:
- Bitcoin Per Share (BPS): Instead of earnings per share, Twenty One will measure the amount of Bitcoin each fully-diluted share represents
- Bitcoin Return Rate (BRR): Rather than percentage returns in fiat currency, the company will track the rate at which BPS grows over time
"Markets need reliable money to measure value and allocate capital efficiently," said Jack Mallers in the announcement. "We believe that Bitcoin is the answer, and Twenty One is how we bring that answer to public markets. Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time."
Mallers Continues Leadership at Strike
While taking on the role of Twenty One's CEO, Mallers will maintain his position as CEO of Strike, the Bitcoin payment company he founded. He recently shared Strike's impressive financial metrics in a separate announcement:
- 2024 Volume: Over $6 billion
- Year-over-Year Growth: 600%
- Gross Profit Margin: 85%
- Customer Acquisition Cost: $0
- Profitability Outlook: Expected to generate 8-9 figures in net profit in 2025 with approximately 75 employees
"To be clear, I am the CEO of Strike. I will lead both companies," Mallers stated. "At Strike, we will continue building Bitcoin financial services for the world, making Bitcoin more accessible for all."
Key Backers and Strategic Vision
Twenty One is backed by two major players in the financial and technology sectors:
- Tether: The world's largest stablecoin issuer and co-founder of Twenty One
- SoftBank Group: One of the world's leading investment holding companies
Paolo Ardoino, CEO of Tether, expressed strong support for the venture: "Bitcoin is one of the only truly decentralized, immutable, and censorship-resistant asset, and its role as the foundation of a new financial system is inevitable. 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."
Future Plans and Strategic Direction
Twenty One intends to develop a corporate architecture supporting financial products built with and on Bitcoin, including:
- Native lending models
- Capital market instruments
- Bitcoin-aligned alternatives to legacy financial tools
- Bitcoin-focused content and media
The company aims to offer investors a singular vehicle for Bitcoin exposure, pro-Bitcoin advocacy, and Bitcoin-focused content, with plans to explore future expansion into Bitcoin-native financial products.
Market Implications
The formation of Twenty One represents a significant milestone in Bitcoin's corporate adoption journey. As a publicly traded company focused exclusively on maximizing Bitcoin ownership per share, Twenty One could potentially:
- Provide institutional investors with a regulated vehicle for Bitcoin exposure
- Create new financial products that leverage Bitcoin's unique properties
- Advocate for regulatory frameworks that support Bitcoin adoption
- Develop new metrics for corporate performance based on Bitcoin rather than fiat currencies
With Mallers' track record of innovation at Strike, Tether's dominant position in the stablecoin market, and SoftBank's investment expertise, Twenty One enters the market with considerable advantages as it pursues its Bitcoin-maximizing strategy.
Schlussfolgerung
Twenty One's launch represents a convergence of Bitcoin expertise, institutional backing, and innovative financial thinking. By measuring success in Bitcoin rather than dollars and focusing on increasing Bitcoin per share rather than traditional profit metrics, the company embodies a fundamentally different approach to corporate structure and purpose.
As Mallers leads both Strike and Twenty One, his dual role positions him to build synergies between a private Bitcoin payment infrastructure company and a public Bitcoin-native investment vehicle, potentially accelerating both Bitcoin adoption and financial innovation in the digital asset space.