Jack Mallers, founder of Strike and prominent Bitcoin advocate, has been named CEO of a new crypto venture called Twenty One Capital.
The firm, which is majority-owned by stablecoin giant Tether, will operate with an initial treasury of $3.6 billion in bitcoin.
The launch is also backed by major financial players, including SoftBank Group and Cantor Fitzgerald.
According to the announcement, Twenty One aims to give institutional investors traditional access to Bitcoin exposure through public market mechanisms, rather than direct holding mirroring the model pioneered by MicroStrategy’s Michael Saylor.
Going Public With a $3.6B Bitcoin Stash and SPAC Merger
Twenty One will enter public markets via a blank-check merger with Cantor Equity Partners, marking one of the most aggressive Bitcoin treasury strategies to date.
With over 42,000 BTC under management at launch, the company will hold the third-largest publicly reported Bitcoin treasury, trailing only Strategy and Mara Holdings.
Tether, Bitfinex, and SoftBank will supply the initial BTC contributions $1.5 billion, $600 million, and $900 million respectively converted into equity at a $10 per share valuation.
Additionally, Twenty One is planning a $585 million capital raise to further bolster its operations, including a $350 million convertible bond and $200 million in private equity.
Building Bitcoin-Native Financial Infrastructure
According to its launch statement, Twenty One aims to be a “day one Bitcoin-native company,” focused on capital growth via Bitcoin accumulation and investment in Bitcoin-based financial products.
The venture will offer exposure to capital market tools, lending models, and innovative infrastructure designed to replace traditional finance with Bitcoin-aligned alternatives.
It will also publish Bitcoin-related content and promote financial literacy rooted in sound money principles.
The firm’s stock will trade under the ticker symbol CEP, aligning with its parent SPAC vehicle.
Also Read: Tether CEO Says USDT Unfazed By Potential US Ban Despite New Stablecoin Legislation
Jack Mallers’ Bitcoin Mission Expands Beyond Strike
Jack Mallers is no stranger to pioneering Bitcoin adoption. Born in Chicago, he rose to prominence as the founder of Strike, a Bitcoin Lightning Network-based payments app.
Mallers made headlines globally in 2021 when he helped El Salvador make Bitcoin legal tender, a move that saw Strike facilitate BTC-based remittances.
While some critics questioned the initial reliance on Tether (USDT), Mallers expressed intentions to transition away from it.
Despite his new role at Twenty One, he will continue leading Strike, reinforcing his commitment to Bitcoin-first innovation.
Tether CEO Paolo Ardoino praised Mallers, stating his leadership “aligns with our vision prioritizing accumulation over speculation.”
Tether’s Broader Push: Investments, Freezes, and Web3 Expansion
The launch of Twenty One Capital comes alongside other major moves by Tether. Tether froze three wallets holding 870,000 USDT after security firm MistTrack flagged scam-related activity.
This swift action reflects Tether’s increasing role in on-chain enforcement and security oversight.
Meanwhile, Tether has also invested in Fizen Limited, a fintech firm specializing in self-custodial wallets, reinforcing its commitment to expanding Web3 infrastructure and enabling seamless stablecoin integration across ecosystems.
Also Read: Tether Invests in Self-Custodial Wallet Fizen, Expanding Web3 Infrastructure Play