Twenty One Capital Forms Around a Planned 42,000-Bitcoin Treasury
Twenty One Capital entered a business-combination agreement designed to create a Bitcoin-native public company expected to launch with more than 42,000 BTC and Jack Mallers as chief executive.
On April 22, 2025, Twenty One Capital and Cantor Equity Partners entered into a definitive business-combination agreement for a new public company built around Bitcoin. The transaction was announced publicly the following day and was backed by Tether, Bitfinex, SoftBank, and Cantor Fitzgerald.
The proposed company was expected to begin with more than 42,000 BTC, making Bitcoin the core asset and operating identity of the business rather than a small treasury allocation. Strike founder Jack Mallers was named chief executive, and the company described its performance framework in Bitcoin-denominated terms.
The deal represented a new stage in the public-company Bitcoin treasury model. Instead of an operating company gradually adding Bitcoin to an existing business, Twenty One was structured from inception as a Bitcoin-native capital-markets vehicle, combining a large treasury with public equity and institutional sponsorship.