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A new Bitcoin-focused firm is stepping into the spotlight—and it could be bullish for Bitcoin. Twenty One Capital, led by Strike founder Jack Mallers and backed by Tether, SoftBank, and Bitfinex, is bringing 42,000 Bitcoin into play as it prepares to go public. The firm aims to reshape how investors access Bitcoin through traditional markets.
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With 42,000 Bitcoin valued at roughly $3.9 billion, Twenty One would become the third-largest corporate Bitcoin holder immediately after launch. Only Strategy, with over 534,000 BTC, and mining firm MARA Holdings, with 47,600 BTC, hold more.
Tether will contribute 23,950 BTC, SoftBank adds 10,500 BTC, and Bitfinex is committing 7,000 BTC. These assets will convert to equity at $10 per share. The company plans to complete a merger with Cantor Equity Partners and raise $585 million in funding before listing under the ticker XXI on the Nasdaq.
Bbuilt by Bitcoiners, for Bitcoiners.
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The move reflects growing confidence in Bitcoin and signals more institutional involvement—an element often viewed as bullish for long-term price support and adoption.
Jack Mallers, known for his work with Strike, 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.”
He added, “A public stock, built by Bitcoiners, for Bitcoiners.”
In an investor presentation to the US Securities and Exchange Commission, Twenty One described itself as more agile than Strategy. It argued that Strategy’s massive Bitcoin reserves make it harder to boost Bitcoin Per Share (BPS) unless it deploys large amounts of new capital.
Twenty One plans to offer more strategic flexibility and build around Bitcoin-native infrastructure. It positions itself as a clearer option for investors who want direct exposure to Bitcoin price movements through public markets—without relying on ETFs or funds with more complex structures.
The company is also planning to launch a wide range of services: Bitcoin-focused lending, equity and debt products, advisory services, and educational resources. These initiatives aim to support both institutional and retail adoption.
Backed by Tether and Bitfinex as majority stakeholders, and SoftBank as a major minority investor, Twenty One enters with financial muscle and broad industry reach. Combined with a large Bitcoin treasury and public listing plans, the project looks bullish for Bitcoin, especially for those tracking how institutions are getting more involved in the space.