Jack Mallers revolutionizes Bitcoin Treasury: The founding story of Twenty One

At just 31 years old, Jack Mallers has already left an impressive legacy in the Bitcoin ecosystem. His success story begins with innovative fintech projects like Strike and Zap, which have transformed the payments industry. But now, the entrepreneur is taking a new path: he is founding Twenty One, a Bitcoin Treasury company that aims to compete against established major players. In a recent interview, Mallers reveals how this ambitious venture arose from a chance friendship and what vision drives him.

The Birth of an Idea: From Telegram Group Discussion to Founding

The story of Twenty One does not start in a shiny office, but in a Telegram group discussion. Jack Mallers and Paolo Ardoino, CEO of Tether, had an intense conversation about the future of the Bitcoin ecosystem. Their collaboration goes back years—they have supported each other on various projects, whether in open-source development, Bitcoin development, or in El Salvador, where they worked together to establish Bitcoin as legal tender.

From this long-standing partnership, a provocative question emerged: Should they not establish a Bitcoin Treasury company themselves? Mallers recalls the moments of this discussion: “We followed the development and thought that there must inevitably be a reputable, institutional company with a credible Bitcoin treasury—simply a company capitalized with Bitcoin.” What initially started as a theoretical consideration quickly turned into a concrete plan. “At some point, we challenged each other: If no one else is doing it, why not us?”

SoftBank as Partner: One Billion Dollars in Bitcoin

What followed was a remarkably quick implementation. A few weeks after this decision, the first funding round materialized—with a surprisingly prominent partner: SoftBank. The Japanese investor wanted to join as a launch partner and signaled his interest with an impressive sum: one billion dollars.

But here, a fundamental difference in Mallers’ thinking was revealed. Instead of accepting the investment in traditional currencies, he made a bold proposal: “We are a Bitcoin company. So, we accept your investment in Bitcoin.” This decision was not merely symbolic but reflected his fundamental conviction. At the time of this agreement, the billion dollars equated to about 10,500 Bitcoin—a historic milestone in the company’s history.

The Ambitious Goal: The Third Largest Bitcoin Treasury Worldwide

Twenty One has an ambitious goal: the company plans to start with at least 2,000 Bitcoin. This would immediately position it as the third-largest Bitcoin treasury in the world—a status symbol for the company’s relevance in the institutional financial world. This position signals not only financial strength but also the growing acceptance of Bitcoin as a strategic capital investment instrument at the highest level.

The Roots of a Vision: From Currency to Moral Code

Jack Mallers’ commitment to Bitcoin is not driven solely by economic motives. His interest was sparked when a futures trader explained to him the mechanics of the monetary system—particularly the gradual devaluation through government money creation and inflation. This realization became the driving force behind his entire work. For him, it is clear: “The depoliticization of money issuance will set us free.”

Mallers describes Bitcoin not merely as an investment or technological innovation. Instead, he articulates a deeper philosophy: “Bitcoin is primarily a moral code. It means: You shall not censor, you shall not inflate, you shall not confiscate, you shall not counterfeit, and you shall not steal.” This ethical dimension makes Twenty One more than just a treasury management company.

Mallers concludes with a call to a collective mission: “Bitcoin is not just a collection of hedge fund speculators from Miami clubs. It should be regarded as a shared ethical code that we all work together to create a safe space in this world.” In this vision, it becomes clear why Jack Mallers is not only founding Twenty One—but also driving a movement that positions Bitcoin at the center of institutional power without betraying its core principles.