Twenty One Capital, a new Bitcoin financing company led by Jack Mallers, the founder of Strike, backed by Tether, Softbank and Cantor Fitzgerald, aims to replace Michael Saylor's strategy to become “a great tool for investors seeking capital-efficient Bitcoin exposure.”
Twenty One is set to launch for 42,000 Bitcoin (BTC) (worth $3.9 billion), with around 23,950 BTC set to launch from Tether, 10,500 BTC and 7,000 BTC from Bitfinex, which will be converted to stocks at $10 per share, according to a statement on April 23.
The company is seeking public listings through a blank check merger with Cantor Equity Partners, and if it finalizes its contract with investors under NASDAQ's ticker XXI, it would raise $585 million through convertible bonds and equity financing.
“Our mission is simple: to be the most successful company in Bitcoin. This is the most valuable financial opportunity of the time. We are not here to beat the market, but to build something new.
“A public stock built by Bitcoiner, Bitcoiner.”
21 argues that the business model in its investor presentation to the U.S. Securities and Exchange Commission, particularly comparing it with its strategy, is “a great tool for investors seeking capital-efficient Bitcoin exposure.”
534,741 They argued that the ability of a strategy to create shareholder value through future Bitcoin purchases will be limited as companies holding BTC will need to make even greater investments to increase Bitcoin or BPS.
Twenty One said it would be a more “pure play” for investors seeking Bitcoin exposure with Bitcoin native operations and seeking more “flexibility” for strategic capital pay increases.
With the launch of 42,000 Bitcoin, Twenty One will become the third largest company Bitcoin holder, tracking the strategy and Bitcoin mining company Mara Holdings, which holds 47,600 BTC, according to Bitcointreasuries.net data.
21 people planning to do more than stack bitcoin
Twenty One will build several Bitcoin-centric offerings, including Bitcoin debt and equity products, advisory services, lending platforms and education platforms.
“The 21 mission is to accelerate Bitcoin adoption and Bitcoin literacy at both the institutional and retail levels,” the company said.
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The company will also partner with industry players to host Bitcoin conferences.
The news sparked a massive 54.2% price rally for Cantor Equity Partners (CEP) stock to $16.50 on April 23, an additional 25.1% increase outside of business hours, Google Finance data shows. The CEP will be converted to XXI upon completion of the $585 million contract.
This venture strengthens its relationship with Tether with Cantor. It manages Tether's USDT's US Treasury Department, which boasts a market capitalization of $145.3 billion. Cantor also owns a 5% stake in the Stablecoin issuer.
Twenty One is majority owned by Tether and Crypto Exchange Bitfinex, while Japanese investment holding company Softbank owns “significant” minority shareholders.
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