Jack Mallers is helming a classy new crypto firm, Twenty One. The newly introduced MicroStrategy competitor, managed by stablecoin big Tether and its sister crypto alternate Bitfinex, plans to faucet capital markets to leverage billions of {dollars} price of bitcoin (BTC).
Tether/Bitfinex has determined {that a} former marijuana trade entrepreneur-turned-Tether app operator can be the proper CEO to tackle Michael Saylor.
Mallers cultivated a BTC-only model for years — even whereas utilizing altcoins like tether (USDT) for core enterprise operations. This month, he’s continued to boast about his BTC-only ethos on nationwide TV appearances selling his new enterprise.
As CEO of Twenty One, he’ll someway use bond choices, new software program, and numerous monetary companies to develop the corporate’s BTC on an accretive foundation over time.
In repeated press appearances this week, Mallers has emphasised that homeowners of inventory in Cantor Fairness Companions (CEP), which is able to finally change its ticker image to XXI, can anticipate him so as to add debt however make shareholders wealthier in BTC phrases.
Accretive dilution is similar ahead projection utilized by MicroStrategy Chairman Michael Saylor. Over time, Saylor advertises a BTC yield, a rising ratio between the agency’s Assumed Diluted Shares Excellent and its BTC holdings.
Mallers desires to accrue BTC for XXI shareholders with even higher efficiency. Hopefully, he’ll promote Twenty One company debt on much more accretive phrases than Saylor.
Twin CEO of Strike and Twenty One
Initially, Mallers will proceed working Strike, his BTC-focused funds app that used USDT throughout its startup interval. Certainly, he’s explicitly said his intention to function twin CEO of Strike and Twenty One.
For context, the publicly-traded CEP, which could personal 2.7% of the mixed fairness in XXI, closed for buying and selling Thursday at a $255 million market cap. That imputes a price of $9.4 billion for Twenty One.
The market cap of MSTR, Twenty One’s competitor, closed 10X bigger at $94 billion.
In September 2021, Protos reviewed Mallers’ early profession. Given his prominence as CEO of the multi-billion-dollar Twenty One, it’s price additionally wanting again on the subsequent years of his profession.
What has Jack Mallers been as much as lately?
Over the previous few years at Strike, Mallers enabled BTC remittances to new nations, Twitter ideas, and peer-to-peer fee companies in Argentina.
In the meantime, on the Bitcoin 2022 convention, he introduced Strike’s integration with Shopify, NCR’s point-of-sale terminals, and pay as you go fee service supplier Blackhawk Community. He promised that on a regular basis shoppers would have the ability to use Strike to purchase McDonald’s or Wendy’s utilizing BTC — which by no means occurred.
In August 2022, Mallers introduced a Strike-branded Visa card, and by December 2022, it started its growth into Africa by launching the Ship Globally characteristic. This initially enabled Strike customers within the US to ship cash to Kenya, Ghana, and Nigeria.
By Might 2023, its companies have been accessible in 65 nations.
Extra lately, Strike launched a brand new customer support characteristic, Callback Telephone Help, which enabled customers to request a telephone name from a customer support consultant. (Crypto exchanges are usually restricted to internet-based help solely.)
Final 12 months, Strike reported $6 billion in quantity and gross revenue margins of 85% on its transaction charges in 2024. It forecasted eight to nine-figure internet income in 2025, with a workforce of roughly 75 full-time staff.
Mallers continues his Tether-supported profession
Mallers has labored with Tether for years and have become intently concerned in El Salvador’s BTC-related efforts. From a significant convention stage, Mallers introduced President Nayib Bukele’s plan to make BTC authorized tender in 2021. This pledge has now been rescinded.
He additionally moved Strike’s headquarters to El Salvador in 2023. Tether additionally has its international headquarters in El Salvador.
Mallers has lately returned to the US for occasions just like the latest Bitcoin for America convention, the place he gave a keynote handle a few Strategic Bitcoin Reserve. He referred to BTC as “a return to traditional values.”
Donald Trump signed an government order establishing the Strategic Bitcoin Reserve on March 6, 2025.
