XXI Explodes Onto NYSE With $3.9B in Bitcoin: “We’re Buying As Much As We Can”

• Twenty One Capital lists on the NYSE with 43,514 BTC and a $3.9 billion Bitcoin treasury.
• Jack Mallers says the firm will buy “as much Bitcoin as possible” under ticker XXI.
• Backers include Tether, Bitfinex, Cantor Fitzgerald, and SoftBank with over $850 million raised.

Twenty One Capital, the Bitcoin firm co founded by Jack Mallers, made its public debut on the New York Stock Exchange under the ticker XXI. 

The move immediately placed Twenty One Capital among the largest public institutional Bitcoin holders in the world.

Third-Largest Public Bitcoin Holder on Day One

The listing follows a business combination with Cantor Equity Partners and launches the firm with a treasury of 43,514 BTC, worth approximately $3.9 billion. 

This instantly places Twenty One Capital as the third largest publicly traded Bitcoin holder, behind only MicroStrategy and Marathon.

Mallers, speaking live on CNBC, said the mission is to “buy as much Bitcoin as we possibly can”. Meanwhile, he stressed that Twenty One is not merely a BTC holding vehicle. 

The company plans to build an entire Bitcoin focused financial ecosystem, including capital markets advisory, lending models, and Bitcoin education media.

“Bitcoin is honest money,” Mallers said, adding that the firm’s goal is to give BTC “the place it deserves in global markets.”

Institutional Backing

The NYSE debut is supported by a heavy slate of institutional partners, including Tether, Bitfinex, Cantor Fitzgerald, and SoftBank. 

Twenty One’s PIPE financing included $486.5 million in senior convertible notes and roughly $365 million in common equity commitments.

Mitchell Askew, head of Blockware Intelligence, described the launch as a new template for Bitcoin native public companies. He noted that Twenty One’s institutional networks could make the firm “a major player not only in Bitcoin, but in the grand arc of financial history.”

Bitcoin Treasury Paired With Operating Businesses

The company says its value proposition extends beyond its BTC holdings. Twenty One plans to pair its treasury with revenue generating operating businesses built around Bitcoin infrastructure. Shareholders will also have access to on-chain verification for full transparency of their holdings.

Mallers highlighted that the firm’s long-term value will come from both its Bitcoin and the cash flows created by the businesses built on top of it.

Shares of XXI opened with volatility, initially dropping more than 23% to $10.97, a move analysts described as typical for new listings. Shares have since stabilized as trading continues.

Bitcoin Is Money

The NYSE debut comes amid Mallers’ ongoing message that Bitcoin’s ultimate purpose is to function as money, not just a speculative asset.

Speaking previously at Bitcoin Amsterdam, Mallers criticized traditional finance and argued that BTC already serves as real money for those who choose to save and transact with it.

“People have convoluted the concept of money to benefit them,” he said. “What I used as money was Bitcoin because I exchanged the work I’m doing for Bitcoin and later exchanged it for the things I want.”

Related: Bitcoin Transparency Push: Jack Mallers’ Twenty One Capital Opens Books with Proof-of-Reserves

Mallers acknowledged pressure from media and influential figures to soften his message. He recounted advisers who told him, “Don’t say that on CNBC,” but he refused to compromise.

With its NYSE launch, massive treasury, and plans to build an operating ecosystem, Twenty One Capital seeks to be both a major Bitcoin custodian and a builder of Bitcoin-native financial infrastructure.

Its mission, Mallers says, is rooted in integrity, transparency, and the belief that Bitcoin is “honest money” and deserves a central place in the future of global markets.