On April 24, Strike founder Jack Mallers will join the new cryptocurrency company Twenty One Capital (21 Capital), which is controlled by stablecoin issuer Tether, according to The Block. The company is also backed by global financial institutions SoftBank Group and Cantor Fitzgerald, and its treasury will hold $3.6 billion worth of Bitcoin when it launches.

21 Capital will go public through a merger with Cantor Equity Partners SPAC (Special Purpose Acquisition Company). The company plans to continue to increase its holdings on its existing Bitcoin reserves, providing institutional investors with a more traditional way to reach Bitcoin rather than holding it directly.

According to the announcement, 21 Capital will hold more than 42,000 bitcoins at launch, making it the third largest treasury with the largest holdings of Bitcoin among publicly traded companies, behind Strategy and Mara Holdings. However, many private companies and governments hold much more Bitcoin than this.

Born in Chicago, Mallers is an entrepreneur and Bitcoin advocate. In 2020, he founded Strike, a payment app based on the Bitcoin Lightning Network, aiming to build BTC into a global payment and savings tool. In addition to leading 21 Capital, Mallers intends to continue serving at Strike.