Twenty One Capital, the Bitcoin-native company co-founded by Jack Mallers, officially began trading on the New York Stock Exchange today under the ticker XXI, following a business combination with Cantor Equity Partners.
The firm debuted with a BTC treasury of 43,514 BTC, valued at roughly $3.9 billion, immediately making it the world’s third-largest publicly traded Bitcoin holder.
Speaking live on CNBC, Mallers said the company plans to “buy as much Bitcoin as [they] possibly can”. He emphasized that the firm is not simply a treasury holder but intends to build businesses around BTC, including capital markets advisory, lending models, and educational media.
Mallers described Bitcoin as “honest money” and said Twenty One aims to give it “the place it deserves in global markets.”
The NYSE launch is backed by major institutional players, including Tether, Bitfinex, Cantor Fitzgerald, and SoftBank, reflecting a growing wave of institutional adoption of BTC.
Twenty One’s PIPE financing included $486.5 million in senior convertible notes and roughly $365 million in common equity commitments.
Analysts note the launch signals a new model for public Bitcoin companies. Mitchell Askew, head of Blockware Intelligence, said the firm’s institutional connections could position Twenty One as “a major player not only in Bitcoin, but in the grand arc of financial history.”
Twenty One plans to pair its treasury with operating businesses that generate recurring revenue while supporting BTC adoption.
Shareholders will have access to on-chain verification of holdings, ensuring transparency. Mallers highlighted that the firm’s value comes not only from its BTC holdings but also from the cash flows and infrastructure it builds around the asset.
Shares of XXI opened with volatility, trading 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 aims to establish itself as both a leading institutional BTC holder and a financial ecosystem around the cryptocurrency, offering investors direct exposure to BTC alongside innovative business models built on the asset.
Bitcoin as money, not just an asset
At Bitcoin Amsterdam, Jack Mallers reaffirmed his belief that BTC’s ultimate purpose is to function as money, not just as an asset.
He criticized traditional financial narratives, saying, “People have convoluted the concept of money to benefit them… The dollar is money? No, how about f*** you?”
For Mallers, money is what you save to later exchange for goods and services, and BTC fulfills that role regardless of whether merchants directly accept it.
“What I used as money was Bitcoin because I exchanged the work I’m doing for those around me for Bitcoin and later exchange it for the things I want,” he explained.
Mallers also addressed external pressures from powerful figures and media outlets to temper his message. He recalled being advised, “Don’t say that on CNBC,” but emphasized, “Sorry, good thing I’m me and you’re you… you say whatever you want.”
He framed his stance as a matter of integrity and honesty, saying, “I was born to love others, to contribute to something bigger than myself.”
