Twenty One Capital, a new Bitcoin-focused company led by Jack Mallers, has officially launched with strong support from major investors like Tether, SoftBank, and Cantor Fitzgerald.
Starting with around 42,000 BTC, valued at roughly $3 billion, the company aims to build one of the largest Bitcoin holdings through an innovative investment model.
The company secured $1.5 billion from Tether and $900 million from SoftBank to kickstart its operations. Twenty One Capital plans to go public through a special purpose acquisition company (SPAC) backed by Cantor Fitzgerald. With this approach, it hopes to rapidly scale Bitcoin accumulation while offering investors new ways to gain exposure to Bitcoin’s growth.
New Strategy to Compete With MicroStrategy
Instead of following the traditional path of Bitcoin spot ETFs, Twenty One Capital is choosing a different road. It will issue stock and use convertible debt to buy more Bitcoin, creating a “reflexive flywheel” that could allow it to scale faster. This strategy mirrors MicroStrategy’s earlier methods but starts with a significant advantage, a $4 billion head start.