Bitcoin Magazine

Jack Mallers’ Twenty One Capital Vows to Buy ‘As Much Bitcoin as Possible’

Twenty One Capital, the Bitcoin-native company co-founded by Jack Mallers, officially began trading on the New York Stock Exchange today under the ticker XXI, following a business combination with Cantor Equity Partners.

The firm debuted with a BTC treasury of 43,514 BTC, valued at roughly $3.9 billion, immediately making it the world’s third-largest publicly traded Bitcoin holder.

Speaking live on CNBC, Mallers said the company plans to “buy as much Bitcoin as [they] possibly can”. He emphasized that the firm is not simply a treasury holder but intends to build businesses around BTC, including capital markets advisory, lending models, and educational media. 

JUST IN: Public company Twenty One Capital CEO Jack Mallers says: We're going to buy "as much Bitcoin as we possibly can" pic.twitter.com/7jdRAiOZjr

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2025

Mallers described Bitcoin as “honest money” and said Twenty One aims to give it “the place it deserves in global markets.”

The NYSE launch is backed by major institutional players, including Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, reflecting a growing wave of institutional adoption of BTC.

Twenty One’s PIPE financing included $486.5 million in senior convertible notes and roughly $365 million in common equity commitments.

Analysts note the launch signals a new model for public Bitcoin companies. Mitchell Askew, head of Blockware Intelligence, said the firm’s institutional connections could position Twenty One as “a major player not only in Bitcoin, but in the grand arc of financial history.”

Twenty One plans to pair its treasury with operating businesses that generate recurring revenue while supporting BTC adoption. 

Shareholders will have access to on-chain verification of holdings, ensuring transparency. Mallers highlighted that the firm’s value comes not only from its BTC holdings but also from the cash flows and infrastructure it builds around the asset.

Shares of XXI opened with volatility, trading down over 23% at $10.97 following the debut, reflecting typical market reactions to new listings. Since opening, shares have stabilized to 

With this launch, Twenty One Capital aims to establish itself as both a leading institutional BTC holder and a financial ecosystem around the cryptocurrency, offering investors direct exposure to BTC alongside innovative business models built on the asset.

Bitcoin as money, not just an asset

At Bitcoin Amsterdam, Jack Mallers reaffirmed his belief that BTC’s ultimate purpose is to function as money, not just as an asset. 

He criticized traditional financial narratives, saying, “People have convoluted the concept of money to benefit them… The dollar is money? No, how about f*** you?” 

For Mallers, money is what you save to later exchange for goods and services, and BTC fulfills that role regardless of whether merchants directly accept it. 

“What I used as money was Bitcoin because I exchanged the work I’m doing for those around me for Bitcoin and later exchange it for the things I want,” he explained.

Mallers also addressed external pressures from powerful figures and media outlets to temper his message. He recalled being advised, “Don’t say that on CNBC,” but emphasized, “Sorry, good thing I’m me and you’re you… you say whatever you want.” 

He framed his stance as a matter of integrity and honesty, saying, “I was born to love others, to contribute to something bigger than myself.”

This post Jack Mallers’ Twenty One Capital Vows to Buy ‘As Much Bitcoin as Possible’ first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Treasury Twenty One Capital to Start Trading on NYSE Next Week With $4 Billion BTC Treasury

Bitcoin treasury firm Twenty One Capital will start trading on the New York Stock Exchange on December 9. The company will use the ticker symbol XXI.

Twenty One Capital is the result of a merger with Cantor Equity Partners (CEP). CEP shareholders approved the deal, clearing the way for the transaction to close around December 8. The merged entity will operate under the Twenty One Capital name.

The company will launch with about 43,514 BTC. At current prices, that is roughly $4 billion. This will make Twenty One Capital the largest BTC treasury company listed on the NYSE. Globally, it will be the second-largest corporate BTC holder after Strategy.

The firm was first announced in April as a joint venture between Tether, Bitfinex, SoftBank, and Cantor Fitzgerald. The name refers to Bitcoin’s total supply of 21 million coins, of which about 19.95 million have been mined.

Jack Mallers, CEO and co-founder of Twenty One Capital, posted on X, “Game on. See you at the NYSE on Tuesday.”

In July, the company added 5,800 BTC from Tether to its treasury. Combined with initial holdings, Twenty One Capital will hold more than 43,000 BTC at launch. The firm plans to continue growing its BTC holdings as part of its core strategy.

Pre-merger, Cantor Equity Partners raised $585 million through Private Investment in Public Equity (PIPE) financing. Twenty One Capital also sold $100 million in convertible notes. Part of these funds were used to increase the Bitcoin treasury.

Direct bitcoin exposure on Wall Street

Twenty One Capital’s model focuses on giving investors direct exposure to BTC through its corporate balance sheet. The company will introduce a metric called Bitcoin Per Share.

It shows the amount of BTC held per share. The measure relies on on-chain proof-of-reserves. This gives investors a verifiable reference to track Bitcoin holdings in real time.

The company aims to differentiate itself from other digital asset treasury firms. While competitors like Strategy and Metaplanet operate multiple businesses, Twenty One Capital is designed to focus solely on Bitcoin accumulation and related services.

Tether and Bitfinex remain majority shareholders and support the firm’s public listing. Cantor Fitzgerald provides expertise in investment banking and capital markets. 

CEP offered the SPAC vehicle to complete the merger and bring the company to the NYSE.

Upon its debut, Twenty One Capital will become a key player in publicly listed BTC treasuries. Its treasury, trading structure, and Bitcoin Per Share metric aim to provide a new model for investors seeking exposure to BTC.

The company plans to expand services connected to Bitcoin, including payments and infrastructure. CEO Jack Mallers has said his main goal is to increase Bitcoin per share, reinforcing shareholder value.

Shares of Twenty One Capital are expected to start trading on December 9 under the ticker XXI, one day after the merger closes. 

This post Bitcoin Treasury Twenty One Capital to Start Trading on NYSE Next Week With $4 Billion BTC Treasury first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Jack Mallers’ Twenty One Capital Wins Approval for CEP Merger, Poised for Public Debut on Nasdaq

Twenty One Capital, Inc. (“Twenty One”) led by CEO Jack Mallers and Cantor Equity Partners, Inc. (“CEP”) announced on the 3rd of December that their shareholders approved the combination of the two businesses, meaning that Twenty One is set to go public very soon.  

The vote is expected to have received a lot of attention from retail shareholders, as the  Mallers announced it on their podcast to more than 43 thousand subscribers and their X with half a million followers.  The vote took place at the Extraordinary General Meeting of CEP’s shareholders, who approved the previously announced proposed business combination between the parties as well as all other proposals related to the Business Combination.

“The final voting results for the Meeting will be included in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission by CEP,” according to a press release published by the company. 

Subject to the satisfaction of other closing conditions described in the CEP’s definitive proxy statement and Twenty One’s final prospectus, the consummation of the related transactions should take place in the coming days, leading to Twenty One Capital, Inc. and its Class A common stock to start trading on the NYSE with the symbol “XXI” on December 9th, 2025.

The company is expected to exit its “quiet period” after this point and make a series of announcements about the future of the business. XXI announced earlier this year that it had received investment from Tether and Softbank, leading to the purchase of 42,000 bitcoins, which will position it as one of the largest public owners of the asset and is expected to unlock new financial service offers for Strike customers, Jack’s growing Bitcoin financial services app, and Cash App competitor. 

You can read the full press release on the vote here for full disclaimers and details.

This post Jack Mallers’ Twenty One Capital Wins Approval for CEP Merger, Poised for Public Debut on Nasdaq first appeared on Bitcoin Magazine and is written by Juan Galt.