Jack Mallers | Wall Street Is Rebuilding Around Bitcoin

Jack Mallers outlines his vision for 21 (ticker XXI), a public company he co-founded with Tether that holds 43,514 Bitcoin—the second-largest corporate stash after MicroStrategy. Unlike speculation platforms like Coinbase or Robinhood, which profit from fiat debasement-driven betting without Bitcoin conviction, or pure treasury firms like MicroStrategy that sell conviction but lack operating cash flow, 21 aims for the middle: a high-growth, cash-generating business with firm Bitcoin belief. Divisions include financial services (brokerage, lending, custody, payments), physical infrastructure (energy, mining), and treasury operations (capital markets, M&A for leverage without dilution).

Positioning 21 as a Full-Spectrum Bitcoin Business

Mallers positions 21 to build network effects as a "Bitcoin conglomerate." Financial services would distribute Bitcoin via products like yield on cash or cards. The physical layer taps energy markets, viewing Bitcoin mining as commercializing solar energy for prosperity—21 plans participation there. Treasury focuses on innovative capital markets: securitizing loans or mining revenue for triple-A ratings, convertible bonds, or preferred equities, funded by operations rather than endless equity raises. Potential M&A, like merging with Strike or a mining firm (Electron), would create synergies—Strike as "fiat-to-Bitcoin miner," mining as "energy