Jack Mallers Named CEO of Bitcoin-Native Firm Twenty One Capital in Tether-Backed Launch

Jack Mallers, the outspoken founder and CEO of Strike, has taken the helm of a bold new venture—Twenty One Capital—a Bitcoin-native financial firm set to go public through a special purpose acquisition company (SPAC) merger with Cantor Equity Partners. The initiative is being backed by digital asset powerhouse Tether, Japanese conglomerate SoftBank, and financial services giant Cantor Fitzgerald.

The firm aims to launch with more than 42,000 Bitcoin on its balance sheet, instantly positioning it as the third-largest corporate Bitcoin holder in the world, trailing only MicroStrategy and Tesla. With this substantial Bitcoin treasury, Twenty One Capital seeks to institutionalize Bitcoin as a core asset class while integrating it into mainstream capital markets. Upon completion of the SPAC merger, the company will be publicly traded on Nasdaq under the ticker symbol “XXI.”

Redefining Financial Metrics for a Bitcoin Future

Twenty One Capital introduces a novel framework for financial performance, prioritizing Bitcoin-native metrics such as Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR) instead of conventional fiat-based valuations. These metrics represent a shift in thinking from traditional Wall Street financials to a new era where performance is measured in satoshis, not dollars. The firm’s vision is to maximize Bitcoin ownership per share, making Bitcoin the central unit of account across its investment and operational models.

In addition to serving as a capital markets player, the company plans to roll out a suite of Bitcoin-focused financial products. These include collateralized lending instruments, structured financial offerings, and other innovative yield-generating products designed for institutions and Bitcoin-savvy investors. Twenty One Capital also aims to become a media and educational hub for the Bitcoin community, producing content and analysis that aligns with the ethos of open-source, censorship-resistant finance.

The new venture is majority-owned by Tether and Bitfinex, with SoftBank holding a significant minority stake. Tether has also committed to acquiring Bitcoin equivalent to the full PIPE (Private Investment in Public Equity) raise ahead of the deal’s closing, signaling strong institutional support and liquidity confidence.

Despite his new responsibilities, Mallers will continue to serve as CEO of Strike, the Bitcoin payments platform he founded. He emphasized that Twenty One Capital is not trying to fit into existing financial paradigms, but instead aims to rewrite them. “We’re not here to beat the market,” he said. “We’re here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners.”

This strategic alignment of legacy finance, crypto-native capital, and visionary leadership marks a significant inflection point for Bitcoin’s integration into global capital markets. It also underscores the growing momentum behind Bitcoin as both a technological and monetary revolution—a force that traditional finance can no longer afford to ignore.

As the world watches the unfolding of this ambitious venture, Twenty One Capital may become a benchmark for how Bitcoin-native financial institutions can challenge the status quo and lay the foundation for a decentralized economic future.