Twenty One Capital plans $3.9B Bitcoin treasury to rival MSTR

Twenty One Capital, a Bitcoin (CRYPTO:BTC) treasury firm led by Strike founder Jack Mallers, announced plans to launch with 42,000 Bitcoin valued at approximately $3.9 billion.

The company’s initial Bitcoin holdings will include 23,950 BTC from Tether, 10,500 BTC from SoftBank, and 7,000 BTC from Bitfinex, which will be converted into equity at $10 per share, according to an April 23 statement.

Twenty One Capital aims to go public through a blank-check merger with Cantor Equity Partners and will trade on Nasdaq under the ticker XXI after securing $585 million via convertible bonds and equity financing.

“Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time,” said Mallers, founder and CEO of Strike.

“We’re not here to beat the market, we’re here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners,” he added.

In a presentation to the US Securities and Exchange Commission, Twenty One Capital compared its business model to MicroStrategy’s, claiming it offers a more capital-efficient vehicle for Bitcoin exposure.

The firm argued that MicroStrategy’s large Bitcoin holdings of 534,741 BTC limit its ability to increase Bitcoin per share without diminishing the per-share impact of future purchases.

Twenty One said it provides “more flexibility” and a “pure play” approach with Bitcoin-native operations.

With 42,000 BTC, Twenty One would become the third-largest corporate Bitcoin holder, behind MicroStrategy and MARA Holdings, which holds 47,600 BTC, based on BitcoinTreasuries.NET data.

Beyond Bitcoin accumulation, Twenty One plans to develop Bitcoin debt and equity products, advisory and lending services, and educational platforms.

The announcement triggered a 54.2% rally in Cantor Equity Partners shares, which will convert to XXI upon deal completion.

Tether (CRYPTO:USDT) and Bitfinex will hold majority ownership, while SoftBank will maintain a significant minority stake.

At the time of reporting, the Bitcoin (BTC) price was $92,657.22.