Jack Mallers to Lead New Bitcoin Powerhouse 'Twenty One' While Remaining CEO of Strike

Strike founder Jack Mallers is expanding his leadership portfolio with the launch of Twenty One Capital, a newly announced Bitcoin-native company that aims to become a dominant public vehicle for Bitcoin exposure. The firm is backed by crypto heavyweights Tether, Bitfinex, and SoftBank, and is set to go public through a SPAC merger with Cantor Equity Partners (NASDAQ: CEP).

At launch, Twenty One is expected to hold over 42,000 BTC, placing it behind only Strategy (formerly MicroStrategy) and MARA Holdings as one of the largest corporate holders of Bitcoin.

While speculation swirled about his future at Strike, Mallers was quick to clarify:

"To be clear, I am the CEO of Strike. I will lead both companies," he wrote on X. "At Strike, we will continue building #Bitcoin financial services for the world, making Bitcoin more accessible for all."

Built by Bitcoiners, for Bitcoiners

Twenty One is positioning itself as a pure-play Bitcoin company—not just tracking BTC performance, but measuring and growing shareholder value in Bitcoin terms, not dollars.

Its two flagship metrics:

• Bitcoin Per Share (BPS) – Reflects the amount of BTC each share represents
• Bitcoin Return Rate (BRR) – Measures how fast BPS grows over time

Mallers described the vision as building “a new market,” not beating an old one. “We believe Bitcoin is the answer, and Twenty One is how we bring that answer to public markets,” he said in the launch announcement.

The company plans to offer more than just a treasury holding. It will explore Bitcoin-native financial products, media, and educational content, including lending services and advisory offerings—all designed with a Bitcoin-first mindset.

A SPAC Deal and Massive Treasury

The firm will go public via a merger with Cantor Equity Partners and plans to list under the ticker XXI on Nasdaq. A total of $585 million in capital has been raised via PIPE financing and convertible notes, which will be used to purchase more Bitcoin and fund general operations.

Tether, which is also a co-founder of Twenty One, has committed to buying Bitcoin equal to the full PIPE raise. Once the transaction closes, those BTC reserves will be transferred to Twenty One.

Mallers’ new venture enters the arena at a time when Bitcoin-centric companies are gaining renewed interest from both retail and institutional investors. The move also sets up Twenty One as a direct competitor to Strategy, whose massive BTC holdings helped usher in a corporate treasury trend during the last bull cycle.

Meanwhile at Strike: Growth and Profitability

While launching a new company might seem like a distraction, Mallers insists Strike remains a core priority—and he’s got the numbers to back it up.

Strike recently shared internal financials publicly for the first time:

• 2024 Volume: $6B+
• Year-over-Year Growth: 600%
• Gross Profit Margin: 85%
• Customer Acquisition Cost: $0
• Largest Customer Cohort: $50K–$500K/month in volume
• Profit Outlook: Expecting 8–9 figures in net profit in 2025 with a lean team of ~75 employees

The data paints a picture of a lean, fast-scaling fintech operation that’s turning Bitcoin financial infrastructure into a profitable business model.

What’s Next?

The SPAC deal values Twenty One at a $3.6 billion enterprise value, with the transaction expected to close later this year, pending shareholder approval and regulatory review.

Once live, Twenty One intends to become the go-to public company for Bitcoin believers—one that doesn’t just hold BTC but builds around it. With Jack Mallers leading both Strike and Twenty One, the vision is clear: make Bitcoin more accessible, more powerful, and more deeply integrated into financial infrastructure.