Twenty One Capital, the Bitcoin-native firm co-founded by Jack Mallers, formally started buying and selling on the New York Inventory Trade at the moment below the ticker XXI, following a business combination with Cantor Fairness Companions.
The agency debuted with a BTC treasury of 43,514 BTC, valued at roughly $3.9 billion, instantly making it the world’s third-largest publicly traded Bitcoin holder.
Talking stay on CNBC, Mallers mentioned the corporate plans to “purchase as a lot Bitcoin as [they] probably can”. He emphasised that the agency just isn’t merely a treasury holder however intends to construct companies round BTC, together with capital markets advisory, lending fashions, and academic media.
Mallers described Bitcoin as “sincere cash” and mentioned Twenty One goals to provide it “the place it deserves in world markets.”
The NYSE launch is backed by main institutional gamers, together with Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, reflecting a rising wave of institutional adoption of BTC.
Twenty One’s PIPE financing included $486.5 million in senior convertible notes and roughly $365 million in widespread fairness commitments.
Analysts observe the launch alerts a brand new mannequin for public Bitcoin firms. Mitchell Askew, head of Blockware Intelligence, said the agency’s institutional connections may place Twenty One as “a serious participant not solely in Bitcoin, however within the grand arc of monetary historical past.”
Twenty One plans to pair its treasury with working companies that generate recurring income whereas supporting BTC adoption.
Shareholders could have entry to on-chain verification of holdings, guaranteeing transparency. Mallers highlighted that the agency’s worth comes not solely from its BTC holdings but in addition from the money flows and infrastructure it builds across the asset.
Shares of XXI opened with volatility, buying and selling 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 goals to ascertain itself as each a number one institutional BTC holder and a monetary ecosystem across the cryptocurrency, providing buyers direct publicity to BTC alongside progressive enterprise fashions constructed on the asset.
Bitcoin as cash, not simply an asset
At Bitcoin Amsterdam, Jack Mallers reaffirmed his perception that BTC’s final objective is to perform as cash, not simply as an asset.
He criticized traditional financial narratives, saying, “Individuals have convoluted the idea of cash to profit them… The greenback is cash? No, how about f*** you?”
For Mallers, cash is what you save to later trade for items and providers, and BTC fulfills that function no matter whether or not retailers instantly settle for it.
“What I used as cash was Bitcoin as a result of I exchanged the work I’m doing for these round me for Bitcoin and later trade it for the issues I would like,” he defined.
Mallers additionally addressed exterior pressures from highly effective figures and media retailers to mood his message. He recalled being suggested, “Don’t say that on CNBC,” however emphasised, “Sorry, good factor I’m me and also you’re you… you say no matter you need.”
He framed his stance as a matter of integrity and honesty, saying, “I used to be born to like others, to contribute to one thing larger than myself.”
