Today marks the official trading debut of Twenty One Capital, the Bitcoin-native company co-founded by Jack Mallers, on the New York Stock Exchange under the ticker XXI, after merging with Cantor Equity Partners.
The firm launched with a BTC treasury of 43,514 BTC, approximately valued at $3.9 billion, instantly making it the third-largest public Bitcoin holder globally.
In a live appearance on CNBC, Mallers stated that the company intends to “acquire as much Bitcoin as [they] possibly can.” He highlighted that the firm’s vision extends beyond merely holding a treasury; they aim to develop businesses around BTC, including capital markets advisory, lending models, and educational media.
Mallers characterized Bitcoin as “honest money,” asserting that Twenty One seeks to provide it “the recognition it deserves in global markets.”
The NYSE launch is supported by significant institutional players such as Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, highlighting the rising trend of institutional adoption of BTC.
Twenty One’s PIPE financing included $486.5 million in senior convertible notes and around $365 million in common equity commitments.
Experts mention that this launch signals a new paradigm for public Bitcoin companies. Mitchell Askew, head of Blockware Intelligence, noted that the firm’s institutional ties could position Twenty One as “a significant player not just in Bitcoin, but in the broader landscape of financial history.”
Twenty One aims to meld its treasury with operating businesses that generate steady revenue while fostering BTC adoption.
Shareholders will benefit from on-chain verification of holdings, promoting transparency. Mallers stressed that the firm’s value lies not only in its BTC assets but also in the revenue streams and infrastructure it develops around them.
Shares of XXI opened with fluctuations, dipping over 23% at $10.97 shortly after debuting, which is typical for new listings. Since then, shares have stabilized.
With this launch, Twenty One Capital aspires to position itself as a foremost institutional BTC holder and create a financial ecosystem around the cryptocurrency, offering investors direct access to BTC while innovating business models rooted in the asset.
Bitcoin as money, not just an asset
At Bitcoin Amsterdam, Jack Mallers reaffirmed his conviction that BTC’s ultimate role is to serve as money, rather than merely an asset.
He criticized conventional financial narratives, asserting, “People have convoluted the concept of money to benefit them… The dollar is money? No, how about f*** you?”
For Mallers, money represents what you save to exchange for goods and services later, and BTC performs this function irrespective of direct acceptance by merchants.
“What I utilized as money was Bitcoin, as I traded the work I do for others for Bitcoin and subsequently exchanged it for what I desire,” he clarified.
Mallers also discussed external pressures from influential individuals and media to soften his message. He recounted being told, “Don’t say that on CNBC,” but he insisted, “Sorry, good thing I’m me and you’re you… you say whatever you want.”
He framed his position as one of integrity and honesty, asserting, “I was born to love others, to contribute to something greater than myself.”
