Twenty One Capital Plans Bitcoin-Focused IPO to Accelerate BTC Purchases

Twenty One Capital, a Bitcoin investment company led by Strike founder Jack Mallers, is planning to launch an Initial Public Offering (IPO) with the primary goal of acquiring as much Bitcoin as possible. As of June 26, 2025, the company holds 37,229.7 BTC, ranking it as the third-largest holder of BTC worldwide. The IPO is not only aimed at raising funds but also at expanding the company's investment strategy. Once listed under the ticker “XSI,” Twenty One Capital plans to accelerate its Bitcoin purchases, leveraging greater access to public markets and funds to scale its acquisition strategy.

The company's Bitcoin strategy aligns with the growing trend of using cryptocurrency for cross-border payments, protecting against currency inflation, and enhancing a modern brand image. Financial support from Tether further strengthens Twenty One Capital's ability to execute its strategy, positioning the company as a significant player in both traditional finance and the crypto world.

In the first half of 2025, public companies bought 245,510 BTC, more than double the amount absorbed by Bitcoin ETFs. This represents a 375% increase over the same period in 2024. The shift indicates that corporates are increasingly viewing Bitcoin as a reserve fund or inflation hedge rather than a risky investment. Companies have cited global liquidity and alignment with the digital finance narrative as major reasons for holding BTC on their balance sheets.

Analysts have drawn comparisons between Twenty One Capital's strategy and that of Michael Saylor’s firm, Strategy (MSTR), which is currently eyeing entry into the S&P 500 with a 91% probability. Saylor’s model, which involves massive accumulation of Bitcoin funded through capital market moves, has earned MSTR a $14 billion windfall and turned it into a proxy Bitcoin ETF of sorts. MSTR currently holds 597,325 BTC after their latest purchase on June 30. Twenty One Capital's Bitcoin purchases could rise quickly once the company is listed, potentially following the path of Michael Saylor’s company, which used similar methods to become a major player tied to Bitcoin's performance.

On June 30, Japan-based Metaplanet added 1,005 BTC for $108.1 million, increasing its holdings to 13,350 BTC. This move is another sign that major companies are doubling down on Bitcoin despite volatility. The CEO shared a list of top companies holding this crypto, where Saylor’s Strategy is at the top, Twenty One Capital is at the third position, and Metaplanet is at the fifth position, surpassing firms like Tesla.

The Twenty One Capital Bitcoin-focused IPO signals a major turning point in how the corporate industry views digital assets. With Mallers at the helm, the firm aims to leverage its stock market debut not just for growth but for a deeper commitment to Bitcoin as a core financial asset. Once regulatory approvals are in place, trading under “XSI” will begin, and the market will be watching closely. If Mallers delivers on his promise, the organization could become one of the most Bitcoin-heavy public companies.