Bitcoin business battle: can Twenty One overtake Strategy?

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Eugene Komchuk

25.04.2025

Bitcoin business battle: can Twenty One overtake Strategy? — What can Jack Mallers' new company achieve?

Renowned Bitcoin enthusiast Jack Mallers has announced the launch of a new public company, Twenty One Capital, which aims to become a competitor to Strategy. But what sets this new project apart from the company founded by Michael Saylor, and what are its prospects?

A major new player is set to enter the Bitcoin corporate arena. Jack Mallers, founder of Strike and one of the most recognized advocates of Bitcoin, revealed the creation of Twenty One Capital.

“Markets need a reliable measure of value for proper capital allocation. We believe Bitcoin is that tool, and Twenty One is how we bring it to public markets,” said Mallers.

The project is backed by major industry names such as Tether, Bitfinex, and SoftBank, and will go public on Nasdaq via a merger with SPAC company Cantor Equity Partners. Once the deal is completed, it will trade under the ticker XXI. At launch, Twenty One will hold 42,000 BTC (approximately $3.9 billion), making it the third-largest corporate holder of Bitcoin in the world.

Public Companies Holding Bitcoin. Source: Bitcoin Treasuries.

The new company positions itself as a Bitcoin-native organization focused on strategic BTC accumulation and the development of new Bitcoin-denominated products. Instead of traditional profit metrics, it will introduce Bitcoin Per Share (BPS) — the amount of BTC per share — and Bitcoin Return Rate (BRR) — the rate of BTC growth. The goal is to build infrastructure where Bitcoin plays a central role in all operations, rather than merely tracking its price.

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Twenty One also aims to develop next-generation Bitcoin-based financial tools — including lending models, BTC-denominated bonds, as well as educational and media platforms centered around Bitcoin.

Market reaction

The launch of a major new Bitcoin company was well received by the industry. Many experts believe a real race for Bitcoin accumulation is about to unfold between Twenty One and Strategy, currently the largest corporate BTC holder.

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Some go even further, suggesting that this new company may evolve into a Bitcoin-native bank, targeting a global market potentially worth $500 trillion.

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The hype around Mallers’ new venture is already showing. Over the past week, shares of Cantor Equity Partners, which will soon become Twenty One, surged by 134%. This signals not only strong demand for the announced Bitcoin products but also widespread public interest. But who is Jack Mallers, and how did he manage to bring together such powerful players under one initiative?

Jack Mallers and Strike

Jack Mallers is an American entrepreneur, developer, and one of Bitcoin’s most vocal public advocates. He rose to prominence as the founder and CEO of Strike, a fintech company that enables instant, low-cost international payments via the Lightning Network. Strike allows users to send money globally with almost zero fees, converting between BTC and fiat currencies in real-time.

Strike is also a successful business: in 2024 alone, the company processed over $6 billion in payments, marking a 600% year-over-year growth. It achieved an 85% gross profit margin without spending anything on customer acquisition, all with a team of just around 75 employees.

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Mallers is also a regular speaker at major Bitcoin conferences, where he shares his views on the future of money, financial freedom, and decentralized innovation. Notably, he played a key role in integrating Bitcoin into El Salvador’s economy, helping the government adopt BTC as legal tender.

A new standard

It’s no surprise that Jack Mallers was entrusted with leading a project as ambitious as Twenty One Capital. He’s not only one of the most recognized Bitcoin figures globally, but also the driving force behind a rapidly growing fintech company. Mallers doesn’t just talk about the future of Bitcoin — he actively builds it.

Now, with the backing of Tether, SoftBank, and Bitfinex, he is ready to challenge Michael Saylor and his Strategy, which has long dominated the corporate Bitcoin space. And Mallers seems well-positioned for success, as Twenty One Capital isn’t just another crypto company — it’s a bold attempt to set a new benchmark for publicly traded Bitcoin enterprises.

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