Jack Mallers has stepped down as CEO of Twenty One Capital, and investors didn't take it well.
Shares of the Bitcoin treasury company—a publicly traded firm that holds Bitcoin on its balance sheet, letting regular investors gain exposure to the cryptocurrency without buying it directly—dropped nearly 15% on Tuesday.
Mallers co-founded Twenty One alongside Tether—the issuer of USDT, the world's most widely used dollar-pegged stablecoin (a digital token that holds a fixed value of one dollar and functions as the backbone of crypto trading)—and listed the company on the New York Stock Exchange in December 2025 through a ******* merger. A ******* , or special purpose acquisition company, is a blank check shell firm created specifically to take other companies public faster than a traditional IPO allows.
Twenty One still holds 43,514 BTC. At current prices, that balance sheet is worth more than $4 billion, ranking it second among all public companies for Bitcoin holdings, just behind Michael Saylor's Strategy. Strategy is the company that effectively pioneered the corporate Bitcoin treasury playbook in 2020—borrowing money to buy Bitcoin at scale and daring anyone to tell them it was a bad idea.
Mallers' exit comes packaged with worse news. Tether's plan to merge three Bitcoin businesses into a single publicly traded entity has officially collapsed, per Bloomberg. The proposed combination would have united Twenty One's treasury operations, Strike's Bitcoin payments and lending platform (which operates in more than 100 countries), and Elektron Energy's mining infrastructure under one publicly listed company.
#treasury #holds
Shares of the Bitcoin treasury company—a publicly traded firm that holds Bitcoin on its balance sheet, letting regular investors gain exposure to the cryptocurrency without buying it directly—dropped nearly 15% on Tuesday.
Mallers co-founded Twenty One alongside Tether—the issuer of USDT, the world's most widely used dollar-pegged stablecoin (a digital token that holds a fixed value of one dollar and functions as the backbone of crypto trading)—and listed the company on the New York Stock Exchange in December 2025 through a ******* merger. A ******* , or special purpose acquisition company, is a blank check shell firm created specifically to take other companies public faster than a traditional IPO allows.
Twenty One still holds 43,514 BTC. At current prices, that balance sheet is worth more than $4 billion, ranking it second among all public companies for Bitcoin holdings, just behind Michael Saylor's Strategy. Strategy is the company that effectively pioneered the corporate Bitcoin treasury playbook in 2020—borrowing money to buy Bitcoin at scale and daring anyone to tell them it was a bad idea.
Mallers' exit comes packaged with worse news. Tether's plan to merge three Bitcoin businesses into a single publicly traded entity has officially collapsed, per Bloomberg. The proposed combination would have united Twenty One's treasury operations, Strike's Bitcoin payments and lending platform (which operates in more than 100 countries), and Elektron Energy's mining infrastructure under one publicly listed company.
#treasury #holds
3 months ago
