BlockBeats News, April 24th, according to The Block, Strike founder Jack Mallers will join the new cryptocurrency company Twenty One Capital (21 Capital) as CEO, which is backed by stablecoin issuer Tether. The company has also received support from global financial institutions SoftBank Group and Cantor Fitzgerald, and at launch, its treasury will hold $3.6 billion worth of Bitcoin.

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

According to the announcement, 21 Capital will hold over 42,000 Bitcoins at launch, making it the third-largest treasury holding Bitcoin among publicly traded companies, behind only MicroStrategy and Mara Holdings. However, the amount of Bitcoin held by many private companies and governments far exceeds this number.

Mallers, born in Chicago, is an entrepreneur and Bitcoin advocate. In 2020, he founded the Bitcoin Lightning Network-based payment app Strike, aimed at turning BTC into a global payment and savings tool. In addition to leading 21 Capital, Mallers also intends to continue his role at Strike.