Cantor, Tether, SoftBank, Bitfinex Back $3B Bitcoin Firm

Jack Mallers Leads New Venture With 42,000 BTC and Bold Vision

A new $3 billion Bitcoin-native financial firm backed by Cantor Fitzgerald, Tether, SoftBank Group, and Bitfinex has officially launched, signaling one of the most ambitious institutional Bitcoin plays to date. The company, Twenty One Capital, opens with a massive 42,000 BTC treasury—valued at around $3.8 billion with Bitcoin trading near $92,500—making it the third-largest corporate holder of Bitcoin after Strategy and MARA Holdings.

The firm’s April 23 debut marks the beginning of what its leadership sees as a major shift in the financial system. Led by Jack Mallers, founder of the Lightning-based Strike app and a key figure in El Salvador’s Bitcoin adoption, Twenty One is structured to rebuild financial infrastructure around Bitcoin’s principles. The company will go public through a SPAC merger with Cantor Equity Partners and trade under the ticker “XXI.”

Its capital base was seeded with $3 billion in Bitcoin: $1.5 billion from Tether, $900 million from SoftBank, and $600 million from Bitfinex. These contributions will convert into equity at a $10 per share valuation. On top of that, Twenty One has raised an additional $585 million—$350 million through convertible bonds and another $200 million from private equity rounds—bolstering its financial runway for what it calls a Bitcoin-first transformation of financial markets.

Rather than catering to short-term traders, Twenty One aims to reshape the foundation of capital allocation using Bitcoin-denominated instruments. The firm will roll out products including lending structures, market tools, and Bitcoin-centric educational content. It also plans to introduce two new financial metrics—Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR)—designed to offer more transparent Bitcoin-based reporting alternatives to traditional market valuations.

Mallers described the project as an effort to bring sound money back to markets. “Markets need reliable money to measure value and allocate capital efficiently. We believe that Bitcoin is the answer, and Twenty One is how we bring that answer to public markets,” he stated. He will remain at the helm of Strike while serving as CEO of Twenty One.

The firm’s vision drew strong endorsements from its backers. Tether CEO Paolo Ardoino praised Bitcoin’s censorship resistance and immutability, saying Twenty One aligns with Tether’s long-term strategy to support Bitcoin accumulation over speculation. “This is about building enduring value for those who understand what Bitcoin represents,” Ardoino said. Brandon Lutnick, chairman of Cantor Fitzgerald and son of U.S. Commerce Secretary Howard Lutnick, echoed the sentiment, calling the venture “designed to help investors capture value from Bitcoin’s growing global demand and increasing institutional adoption.”

Mallers’ involvement lends significant weight to the venture. He gained international recognition for helping President Nayib Bukele’s administration roll out Bitcoin as legal tender in El Salvador in 2021, with Strike’s infrastructure playing a central role in revamping the country’s remittance systems. That legacy, combined with Tether’s expanding presence in El Salvador—where it’s building a $1 billion volcano-powered Bitcoin mining operation and now operates a regional HQ—gives Twenty One a strong foothold in the broader Bitcoin ecosystem.

With public markets preparing to list another major Bitcoin-focused company, and with $3.8 billion worth of BTC on its balance sheet from day one, Twenty One Capital isn’t entering quietly. It’s signaling a clear intent to be a foundational player in what could be the next chapter of Bitcoin’s integration into global finance.

This article has been refined and enhanced by ChatGPT.