Jack Mallers has officially taken his Bitcoin bet to Wall Street.
Twenty One Capital began trading Tuesday on the New York Stock Exchange under the ticker XXI, following its merger with Cantor Equity Partners. The company isn’t easing into the market—it’s showing up with 43,514 Bitcoin, worth roughly $3.9 billion, on its balance sheet.
That makes Twenty One Capital the third-largest Bitcoin treasury among public companies, trailing only Strategy and MARA Holdings.
Mallers says the listing does more than offer investors Bitcoin exposure. In his view, it puts Bitcoin where it belongs—at the center of global capital markets—while giving shareholders access to both reserve assets and an operating business built on top of them.
This Isn’t Just Another “Buy and Hold” Treasury
Most Bitcoin treasury companies follow a simple playbook: raise capital, buy Bitcoin, repeat. Mallers is pitching something different.
Twenty One Capital plans to build corporate infrastructure for Bitcoin-native financial products, including lending models and capital market instruments designed to operate directly on Bitcoin rails. Accumulation is only the starting point.
In other words, the Bitcoin sits there, but the business is supposed to move.
The company didn’t launch quietly. Early support came from Cantor Fitzgerald, Tether, Bitfinex, and SoftBank—a lineup that immediately raised eyebrows across both crypto and TradFi.
Blockware Intelligence analyst Mitchell Askew described the investor group as a direct bridge to some of the most influential institutions in global finance. Cantor operates as a Federal Reserve Primary Dealer. Tether issues the world’s largest stablecoin and holds substantial U.S. Treasurys. SoftBank manages roughly $330 billion in assets. And Mallers himself is best known as the founder of Strike.
This isn’t a fringe crypto experiment. It’s institutional-grade by design.
Ahead of the debut, Arkham Intelligence flagged a wallet transfer moving the company’s entire Bitcoin stack—likely operational housekeeping before going public.
Beyond treasury management, Twenty One Capital plans to expand into education, branded media, and alternatives to legacy financial services, signaling ambitions that stretch well beyond balance sheet optics.
Despite the headline-grabbing launch, the stock’s first day told a different story.
Shares closed down 25% at around $10.50, roughly in line with the PIPE pricing. The reaction fits a pattern seen across recent Bitcoin treasury listings.
Anthony Pompliano’s ProCap BTC has fallen more than 60% since completing its SPAC merger last week. KindlyMD, another treasury-focused vehicle, now trades near $0.43, down 99% from its peak.
The Bigger Question: What Are These Companies Really Worth?
The weak post-listing performance highlights a growing issue. Investors are still struggling to price Bitcoin treasury vehicles—especially when the business model isn’t just “hold Bitcoin and wait.”
Twenty One Capital is betting it can break that mold by pairing a massive Bitcoin reserve with revenue-generating operations. If it works, the company becomes more than a proxy for BTC price action.
If it doesn’t, it risks being lumped in with every other treasury trade the market has already learned to fade.
For now, Wall Street is skeptical. But Mallers is playing a long game—and in Bitcoin, patience has a way of rewriting first impressions.
