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 corporate merger with Cantor Equity Partners.
The firm debuted with a BTC treasury of 43,514 BTC worth about $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 market advisory, lending models and educational media.
Describing Bitcoin as “honest money,” Mallers said Twenty One aims to give it “the place it deserves in global markets.”
The NYSE launch is supported 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 approx. $365 million in common equity commitments.
Analysts note that 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 great arc of financial history.”
Twenty One plans to pair its treasury with operating companies that generate recurring revenue while supporting BTC adoption.
Shareholders will have access to on-chain verification of holdings, ensuring transparency. Mallers highlighted that the company’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% to $10.97 after the debut, reflecting typical market reactions to new listings. Since the opening, the 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 along with 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.
Criticizing traditional financial narratives, he said: “People have convoluted the concept of money to their advantage… The dollar is money? No, what about the 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 do for those around me with Bitcoin and later exchange it for the things I want,” he explained.
Mallers also addressed external pressure from powerful figures and the media to tone down his message. He recalled being advised, “Don’t say that on CNBC,” but emphasized, “Sorry, well, I’m me and you’re you… you say what you want.”
He framed his stance as a matter of integrity and honesty, saying, “I was born to love others, to contribute to something greater than myself.”