Strike founder and CEO Jack Mallers will be at the helm of a new bitcoin treasury firm called Twenty One Capital that is backed by stablecoin giant Tether and multibillion-dollar Japanese investment firm Softbank, according to a Wednesday press release.

Twenty One has also entered into a business combination agreement with Cantor Equity Partners (CEP), a special purpose acquisition company (SPAC) led by Brandon Lutnick, son of U.S. Secretary of Commerce, Howard Lutnick. Cantor and Twenty One have raised $585 million via equity financing and convertible notes “to purchase additional bitcoin and for general corporate purposes,” as per the release.

Unlike firms such as Strategy (Nasdaq: MSTR) and Metaplanet, which pivoted from traditional businesses, Twenty One appears to be the first public company launched with the specific purpose of engaging in bitcoin treasury management. The company will launch with nearly $4 billion worth of bitcoin or roughly 42,000 BTC, making it the third-largest public bitcoin holding company behind Strategy and mining firm Marathon Digital Holdings (Nasdaq: MARA). Twenty One will primarily focus on acquiring additional bitcoin in order to grow its bitcoin per share (BPS) and bitcoin return rate (BRR) ratios.

“Our mission is simple: to become the most successful company in Bitcoin,” Mallers said. “We’re not here to beat the market, we’re here to build a new one. A public stock, built by Bitcoiners, for Bitcoiners.”

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