Jack Mallers Builds a Bitcoin Treasury Empire: From Strike to Twenty One Startup Journey

In the field of cryptocurrency, few people have been able to establish such profound influence by the age of 31 as Jack Mallers. From founding the Strike payment app to promoting El Salvador as the first country to adopt Bitcoin as legal tender, Mallers’ entrepreneurial trajectory has long demonstrated his unwavering belief in Bitcoin’s future. Today, he is embarking on a new journey—building Twenty One, a company dedicated to Bitcoin treasury management, preparing to compete with industry giants.

From Code to Reality: How Jack Mallers Came to Bitcoin

Jack Mallers’s Bitcoin journey began with an unexpected enlightenment. A trader friend explained to him in detail how the monetary system works, especially how government printing and inflation lead to currency devaluation. This conversation was like a window, revealing the deep-rooted issues of the traditional financial system. From that moment, the concept of Bitcoin—a censorship-resistant, deflation-proof, unconfiscatable, and unforgeable currency—took root in his mind.

Over the past decade, Mallers has validated his Bitcoin ideals through multiple projects. Strike as a payment app, Zap as another innovative venture—these companies reflect his firm commitment to mainstreaming Bitcoin. But what truly changed the global landscape was his influence on El Salvador—the Central American nation becoming the first to recognize Bitcoin as legal tender, a feat closely linked to Mallers’ vision.

A Conversation with Tether CEO: The Birth of Twenty One

The story of Twenty One’s founding is a blend of chance and inevitability. Mallers has been a longtime friend and collaborator of Tether CEO Paolo Ardoino, with whom he has worked closely on open-source code, Bitcoin development, and projects related to El Salvador. It was in a Telegram chat group that these two key figures in the Bitcoin ecosystem had a transformative conversation.

“As we discussed the development of Evolve, we suddenly realized the market needs a truly Blue chip-grade and credible Bitcoin treasury company,” Mallers recalled. Such a company should hold Bitcoin as its primary reserve asset rather than traditional currencies. The more they talked, the more excited they became, ultimately asking themselves: why not start such a company ourselves?

Ardoino recently moved Tether’s headquarters to El Salvador, a decision that itself shows his deep involvement in the Bitcoin ecosystem. This clash of ideas with Mallers rapidly turned Twenty One from a concept into reality. They decided to turn their vision into action, and thus a new Bitcoin treasury enterprise was born.

SoftBank’s Bitcoin Bet: The Choice of 10,500 BTC

The fundraising story of Twenty One is equally remarkable. Just weeks after its founding, Japanese tech giant SoftBank joined as a strategic partner. The most impressive part was the fundraising approach—SoftBank initially planned to invest $1 billion, but Jack Mallers proposed a bold idea: “We are a Bitcoin company; why not use Bitcoin to make this investment?”

At the time’s price, $1 billion was equivalent to 10,500 Bitcoin. What does this decision symbolize? It indicates SoftBank’s willingness to anchor its assets in the Bitcoin ecosystem rather than rely on traditional dollars. For Mallers, this fundraising was not just about capital—it was a milestone showing Bitcoin gradually entering mainstream institutional asset allocation.

Mallers emphasized his mindset shift: “I no longer think in dollars; I think in Bitcoin.” This is more than a business decision; it reflects his deep conviction in Bitcoin as a store of value.

Twenty One’s Market Position: Building the World’s Third Largest Bitcoin Treasury

With this funding, Twenty One plans to start operations with at least 2,000 Bitcoin, making it the third-largest Bitcoin treasury globally. This ranking underscores Jack Mallers and Paolo Ardoino’s ambitious vision for Twenty One. In an era where accumulating Bitcoin reserves has become a trend, a treasury company founded by industry veterans, supported by SoftBank, and centered on Bitcoin assets will undoubtedly have a profound industry impact.

This position not only signifies financial strength but also represents Bitcoin’s rising status in the global capital markets. More and more publicly listed companies and institutions are viewing Bitcoin as a strategic asset, and the founding of Twenty One is a concentrated reflection of this trend.

Bitcoin as More Than an Asset—A Moral Code

In multiple interviews, Jack Mallers has repeatedly emphasized Bitcoin’s profound significance to him. “Bitcoin, for me, before its computer code and asset attributes, is first and foremost a moral code,” he stated. This philosophy transcends pure financial considerations, touching on the core of Bitcoin’s design philosophy.

Mallers listed four fundamental properties of Bitcoin: you cannot censor it, you cannot devalue it, you cannot confiscate it, and you cannot counterfeit it. These features collectively form a moral framework—a value system free from abuse of power, forced devaluation, or arbitrary plunder. Under this understanding, Bitcoin is not just a high-end asset discussed among Miami club investors but a concrete embodiment of a global moral commitment.

“We are creating a safe space for this world, built on strict moral and ethical codes,” Mallers said. This way of expressing explains why he is so committed to the Bitcoin ecosystem—in his eyes, this is not a financial game but a social experiment.

Decentralized Monetary Policy: Mallers’s Ultimate Vision

Mallers’s thoughts on monetary issuance stem from a deep observation of contemporary economic phenomena. Governments, through continuous printing and inflation policies, are effectively diluting the wealth of ordinary people. “Decentralizing the power to issue currency is our ultimate goal,” he stated. Bitcoin’s role here is to break this monopoly of power through technology.

This idealism is closely integrated with his business practices. The establishment of Twenty One, the development of Strike, and El Salvador’s Bitcoin plan are not isolated business decisions but different execution paths under the same grand vision. Each step pushes Bitcoin from a technological innovation toward becoming part of the global financial infrastructure.

Through the new platform Twenty One, Jack Mallers is paving the way for Bitcoin to enter the center stage of global capital markets. Whether institutional investors or ordinary savers, they may gain Bitcoin exposure through such treasury platforms. This is precisely the direction Mallers has been advocating—making Bitcoin no longer just a geek’s toy or a speculative instrument, but a store of value accessible to everyone and held by every institution.