Twenty One Capital entered markets with 43,514 BTC ($4B) and plans to buy “as much Bitcoin as possible,” per CEO Jack Mallers.
The firm blends a large Bitcoin treasury with revenue-generating businesses in lending, advisory services and education.
Backed by major investors, XXI offers on-chain asset proof as shares debut with volatility but a long-term Bitcoin-driven model.
Twenty One Capital CEO Jack Mallers states that the firm plans to acquire “as much Bitcoin as we possibly can,” after debuting under ticker XXI with 43,514 BTC. The company entered the market following its combination with Cantor Equity Partners and began trading with one of the largest public Bitcoin treasuries.
Company Debuts With Major Bitcoin Treasury
Mallers told CNBC that the firm holds about $4 billion in Bitcoin and intends to expand that position. He added that the company will not act only as a treasury vehicle but intends to build several Bitcoin-focused businesses. These include capital markets advisory work, lending structures, and educational media.
This approach connects with the company’s financing structure. Twenty One completed PIPE funding with $486.5 million in senior convertible notes and roughly $365 million in equity commitments. Backers such as Tether, Bitfinex, Cantor Fitzgerald, and SoftBank supported the launch.
New Model for Public Bitcoin Firms
Analysts described the debut as an example of a new type of public Bitcoin company. Mitchell Askew of Blockware Intelligence said the firm’s institutional links give it a position within the wider financial sector. He noted that the company plans to match its treasury with businesses that generate recurring revenue while promoting Bitcoin use.
Consequently, the company introduced on-chain verification for shareholders. Mallers said this allows observers to review holdings directly. He added that the firm aims to build infrastructure around its treasury rather than rely only on its Bitcoin position.
Mallers Reiterates His View on Bitcoin as Money
During a recent appearance at Bitcoin Amsterdam, Mallers restated his belief that Bitcoin functions as money. He said he exchanges his work for Bitcoin and later converts it to goods and services
He also recalled being urged to soften his comments for major media but chose to keep his message unchanged. Trading in XXI shares opened with significant volatility. The stock fell more than 23 percent to $10.97 before stabilizing later in the session.
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