Strike’s Mallers to head firm seeking superior Bitcoin play to MSTR
Twenty One Capital, a Bitcoin treasury company led by Jack Mallers, aims to become a leading vehicle for capital-efficient Bitcoin exposure, competing with Michael Saylor’s Strategy. The company plans to launch with 42,000 Bitcoin (BTC), valued at $3.9 billion, sourced from Tether (23,950 BTC), SoftBank (10,500 BTC), and Bitfinex (7,000 BTC). It seeks a public listing through a merger with Cantor Equity Partners, trading under the ticker XXI on Nasdaq after raising $585 million via convertible bonds and equity financing. Twenty One claims to offer a more "pure play" Bitcoin investment model with flexibility for capital raises. The firm also plans to develop Bitcoin debt and equity products, advisory services, a lending platform, and educational initiatives to enhance Bitcoin adoption. The announcement led to a 54.2% surge in Cantor Equity Partners' stock price. Tether and Bitfinex will hold majority ownership, with SoftBank as a significant minority stakeholder.
