The new company, led by Jack Mallers, aims to compete with Strategy, backed by Tether, Bitfinex, and SoftBank.
Jack Mallers, founder of Strike, is preparing to lead Twenty One Capital, a company openly aiming to surpass Strategy as the leading Bitcoin investment vehicle for both institutional and retail investors.
Twenty One Capital has unveiled a launch plan that involves the initial management of 42,000 bitcoins, equivalent to approximately $3.9 billion. The portfolio will be built with contributions from key industry players: Tether will provide around 23,950 BTC, SoftBank will contribute 10,500 BTC, and Bitfinex will add 7,000 BTC. These assets will be converted into shares priced at $10 each.
The company is targeting a stock market listing through a merger with Cantor Equity Partners and plans to trade on Nasdaq under the ticker XXI, once the deal with investors is finalized to raise $585 million through convertible bonds and equity financing.
Mallers, CEO of Twenty One Capital, stated:
“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. A public stock, built by bitcoiners, for bitcoiners.”
In an investor presentation filed with the SEC, Twenty One Capital explicitly compared itself to Strategy’s business model, claiming to potentially represent a “superior vehicle for investors seeking capital-efficient Bitcoin exposure.”
With a planned launch of 42,000 bitcoin, Twenty One Capital would become the third largest corporate holder of bitcoin, behind Strategy (with 534,741 BTC) and MARA Holdings (with 47,600 BTC), according to data from BitcoinTreasuries.net.
Furthermore, Twenty One plans to develop several Bitcoin-focused offerings, including debt and equity products, an advisory service, a lending platform, and an educational platform. The company, which also plans to partner with other industry players to organize Bitcoin-dedicated conferences, stated:
“Twenty One’s mission will be to accelerate Bitcoin adoption and Bitcoin literacy at both institutional and retail levels.”
The announcement triggered a 54.2% surge in the stock price of Cantor Equity Partners (CEP), which climbed to $16.50, with a further 25.1% increase in after-hours trading.
Twenty One Capital will be majority-owned by Tether and Bitfinex, while SoftBank will hold a minority stake.
