Strike CEO Jack Mallers will spearhead a new bitcoin treasury venture named Twenty One Capital, launched with substantial backing from stablecoin issuer Tether and Japanese investment powerhouse Softbank. According to a press release issued Wednesday, the firm aims to redefine public market engagement with Bitcoin, starting with a massive 42,000 BTC on its balance sheet—valued at nearly $4 billion at current prices.
Strategic Backing and Public Market Entry
Twenty One Capital has entered into a business combination agreement with Cantor Equity Partners (CEP), a SPAC chaired by Brandon Lutnick—son of U.S. Commerce Secretary Howard Lutnick. This merger positions Twenty One to go public with strong financial footing, supported by $585 million raised through equity financing and convertible notes. The funding will be directed toward acquiring more bitcoin and supporting operational goals.
While firms like MicroStrategy and Metaplanet have transitioned into bitcoin-focused strategies, Twenty One is pioneering a direct-to-market model built solely around bitcoin treasury management. That focus already places it as the third-largest public holder of BTC, trailing only MicroStrategy and Marathon Digital Holdings.
Mallers’ Vision: A New Bitcoin-Centric Market
Twenty One Capital isn’t aiming to follow Wall Street norms. “Our mission is simple: to become the most successful company in Bitcoin,” Mallers said. “We’re not here to beat the market—we’re here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners.”
With its eye on metrics like Bitcoin per Share (BPS) and Bitcoin Return Rate (BRR), the company plans to aggressively grow its bitcoin holdings and establish itself as the go-to firm for investors seeking direct exposure to the asset.
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