Twenty One Capital, a Bitcoin-first investment and infrastructure firm led by Strike CEO Jack Mallers, is preparing to go public under the ticker symbol XSI, signaling a new chapter in corporate Bitcoin adoption.
The firm, which has the backing of Tether, aims to position itself as a leading force in corporate Bitcoin accumulation and Bitcoin-native finance. Mallers confirmed that once the public offering is approved, Twenty One Capital will use operational cash flow—not debt—to purchase Bitcoin, an approach he believes will maximize long-term shareholder value and increase Bitcoin per share.
“Our goal is to reshape corporate finance around Bitcoin,” said Mallers. “We’re building from the ground up—not with legacy tools, but with Bitcoin-native solutions.”
Unlike traditional corporate structures that may rely on fiat-denominated financing or hybrid strategies, Twenty One Capital plans to develop a suite of Bitcoin-native financial products, including lending platforms and capital market instruments. The broader mission, according to the company, is to gradually replace legacy financial infrastructure with systems anchored in Bitcoin.
The firm has already made headlines in recent months with aggressive Bitcoin acquisitions. It added 4,812 BTC to its reserves and received a $2.7 billion BTC transfer from Tether and Bitfinex, part of a broader plan to eventually hold 420,000 BTC.
While navigating SEC regulatory hurdles remains a challenge, Mallers expressed optimism about the changing political and regulatory environment in Washington, D.C.
“The current administration’s posture on Bitcoin is more constructive,” he noted. “We’re confident in the road ahead.”
If successful, the upcoming listing under XSI would mark a significant milestone in the integration of Bitcoin into public markets and corporate finance strategy—placing Twenty One Capital alongside other major institutional holders of Bitcoin, but with a uniquely native approach.
July 2025, Cryptoniteuae
