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Jack Mallers’ Twenty One Capital plans to dethrone MicroStrategy and Marathon with $5 billion Bitcoin treasury—but the real innovation might be how they measure success
Jack Mallers, the Bitcoin maximalist behind Strike—a digital payments app that uses the Lightning Network to enable instant, low-cost Bitcoin and dollar transactions—and the driving force that helped El Salvador adopt Bitcoin as legal tender, is making his boldest move yet.
His new venture, Twenty One Capital, has accumulated over 43,500 Bitcoin worth more than $5 billion and is positioning itself to become the world’s largest corporate Bitcoin holder—surpassing current leaders MicroStrategy (NASDAQ:MSTR) and MARA Holdings (NASDAQ:MARA).
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But what sets Twenty One apart isn’t just the size of its Bitcoin war chest. In a recent Bloomberg Television interview, Mallers revealed a fundamentally different approach to measuring corporate performance that could reshape how Bitcoin-native companies think about shareholder value.
While traditional companies obsess over earnings per share, Twenty One has introduced what Mallers calls “Bitcoin per share” as their primary performance metric. The reasoning is both simple and profound: measuring success in dollars is meaningless when fiat currencies are constantly debased.
“Everything goes up in dollar terms,” Mallers told Bloomberg. “The objective is for shareholders to get wealthier in Bitcoin terms by growing the Bitcoin per share.”
This isn’t just accounting innovation—it’s a philosophical shift that treats Bitcoin as the ultimate unit of account. Twenty One expects to complete its public listing in the third quarter following Securities and Exchange Commission review, with over $5 billion in Bitcoin at launch, giving investors direct exposure to this new performance framework.
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Mallers’ confidence in Bitcoin’s trajectory stems from what he calls “definitive scarcity.” Unlike traditional commodities where increased demand can stimulate additional supply, Bitcoin’s fixed 21 million coin limit means new buyers must compete for existing holdings.
“If you want more bitcoin, you don’t go to the bitcoin factory. You have to go up in price,” Mallers told Bloomberg, predicting Bitcoin could reach $150,000 as institutional and sovereign buyers compete for limited supply.
This supply constraint is already creating upward pressure. MicroStrategy holds the largest corporate Bitcoin treasury, while MARA ranks second with over 46,000 BTC. Twenty One’s goal to surpass both reflects Mallers’ belief that corporate adoption is still in its infancy.
Twenty One isn’t just another Bitcoin treasury play. With backing from heavyweights including Tether and SoftBank on its board, the company plans to build Bitcoin products, technology, and tools—essentially competing with both treasury companies like MicroStrategy and product-focused firms like Coinbase Global (NASDAQ:COIN).
“Why not both?” appears to be Mallers’ philosophy. His track record supports this ambition: Strike, his previous company, became a major Bitcoin financial services platform, and his involvement with El Salvador’s Bitcoin adoption demonstrated his ability to execute complex, high-stakes initiatives.
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Perhaps most telling is Twenty One’s unwavering focus on Bitcoin exclusively. Mallers embraces the “Bitcoin maximalist” label, viewing other cryptocurrencies as inferior alternatives to what he calls “pristine money.”
His rationale centers on Bitcoin’s role as a store of value in a world where traditional assets are constantly diluted. “I’ve created value and I want to keep it,” he summarizes as Bitcoin’s core use case. “Bitcoin allows you to abstract your effort, time, and energy, and take it with you tomorrow,” he told Bloomberg.
This single-asset focus contrasts sharply with diversified crypto strategies, but it also provides clarity of purpose that resonates with institutional investors seeking pure-play Bitcoin exposure.
Twenty One’s approach could accelerate corporate Bitcoin adoption by providing a clearer framework for measuring success. With an unrealized gain of over $1.3 billion already accumulated, the company serves as a real-time case study in Bitcoin treasury management.
For investors, Twenty One represents a new category: Bitcoin-native companies that measure success in Bitcoin terms rather than fiat. This could appeal to those who believe traditional accounting methods undervalue Bitcoin-holding companies.
The broader market implications are significant. As more companies adopt Bitcoin treasuries and measure performance in Bitcoin per share, it could create additional demand pressure on Bitcoin’s fixed supply—potentially validating Mallers’ bullish price predictions.
Twenty One’s public debut will test whether investors are ready for this new paradigm. If successful, it could mark the beginning of a fundamental shift in how we measure corporate value in an increasingly Bitcoin-denominated world.
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This article Strike CEO’s New Venture Takes Aim at Bitcoin’s Biggest Corporate Holders With Revolutionary ‘Bitcoin Per Share’ Strategy originally appeared on Benzinga.com
