Jack Mallers Appointed to Lead New Bitcoin Treasury Firm Backed by Tether and SoftBank

Bitcoin advocate and Strike CEO Jack Mallers is set to lead a newly launched bitcoin treasury company—Twenty One Capital—that’s drawing major backing from Tether and Japanese investment giant SoftBank. The venture signals a bold step in institutional bitcoin adoption, with a sharp focus on BTC accumulation from day one.

Twenty One Capital has officially launched with nearly $4 billion in bitcoin holdings (approximately 42,000 BTC), positioning it as the third-largest public holder of bitcoin globally—just behind MicroStrategy and Marathon Digital. Unlike firms that gradually shifted into Bitcoin, Twenty One is built specifically for Bitcoin treasury management from the outset.

The firm has also struck a business combination agreement with Cantor Equity Partners (CEP), a SPAC led by Brandon Lutnick. Through equity financing and convertible notes, Twenty One and CEP have raised $585 million to expand their bitcoin holdings and fund general operations.

Mallers stated the mission of the company is to “build a new market,” emphasizing its vision of becoming the most successful company in Bitcoin by growing metrics like Bitcoin per Share (BPS) and Bitcoin Return Rate (BRR). This marks a significant evolution in how public companies approach BTC, aligning financial performance directly with bitcoin accumulation.

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