In a bold and high-energy appearance on Bloomberg Crypto, Jack Mallers, CEO of Twenty One Capital, made clear his company’s ambition: to be the most dominant Bitcoin treasury in the world—and to ride Bitcoin’s value far past the six-figure mark.
Following the firm’s announcement that it expects to receive an additional 5,800 BTC from Tether ahead of its public listing, Mallers laid out the case for Bitcoin’s continued price surge, asserting that $150,000 per BTC is just the beginning.
“Is there enough Bitcoin for me at $120k? No. $130k, $140k, $150k? There’s always Bitcoin available—it just depends on what you’re willing to pay for it,” Mallers said. “Bitcoin is the scarcest thing. It is inelastic to the amount of demand that searches for it.”
With the upcoming capital infusion, Twenty One’s total bitcoin holdings will exceed 43,500 BTC, acquired at an average price of $87,280.37—already generating $1.3 billion in unrealized gains. This will make the company the third-largest corporate holder of bitcoin, behind only Strategy and Marathon Digital (MARA).
Mallers was unapologetically aggressive when asked about his intentions to move further up the leaderboard.
“I’m never gonna sit up here and say I want to be second,” he told Bloomberg. “The board consists of myself, Tether, and SoftBank. That’s a lot of access to capital, a lot of tech experience, and a lot of Bitcoin expertise. We think we can do pretty much anything.”
More than just stacking sats, Mallers emphasized that Twenty One is building for the long term. Alongside its treasury accumulation, the company plans to develop a suite of Bitcoin-native financial products, leveraging the experience of Mallers’ own firm Strike and the engineering pedigree of partners like Tether.
Twenty One’s structure is designed to offer Bitcoin-denominated shareholder value, with each share expected to represent approximately 12,559 sats. A new metric, Bitcoin Per Share (BPS), will offer real-time transparency on asset exposure. All BTC will be on-chain and auditable via xxi.mempool.space.
“Bitcoin is a foundational protocol for freedom,” said Paolo Ardoino, CEO of Tether. “Twenty One captures that ethos in corporate form.”
As Mallers put it: “We’re not here to beat the existing system—we’re here to build a new one.”
The firm is set to trade under ticker XXI following the closing of its business combination with Cantor Equity Partners (CEP), pending shareholder approval.
With Bitcoin’s fixed supply and rising institutional demand, Mallers believes price discovery will only accelerate from here. “The more people and capital that enter this market, the higher the price must go,” he said. “And we’re just getting started.”