Jack Mallers and Twenty One: From a Telegram Conversation to the Third Largest Bitcoin Treasury

At just 31 years old, Jack Mallers already has an enviable entrepreneurial track record. From Strike to Zap, he has demonstrated his ability to identify and develop impactful projects within the Bitcoin ecosystem. Now, the entrepreneur is leading Twenty One, a Bitcoin-funded treasury company that directly competes with the most established fund managers in the market. In a recent conversation with CoinDesk, Mallers detailed how a simple chat with friends turned into one of the most ambitious initiatives in the sector.

How Twenty One Was Born: A Telegram Chat Group

The story of Twenty One doesn’t start in a corporate boardroom, but in a Telegram group. Jack Mallers explains that the idea arose from informal conversations with Tether executives, including Paolo Ardoino, CEO of the company currently operating from El Salvador. “We have worked together on open-source projects, Bitcoin development, and initiatives to push the world in the right direction. Twenty One represents the culmination of that collaboration,” Mallers explained.

The catalyst was observing the growth of similar companies. “We watched how the market was evolving and thought: there definitely should be a Bitcoin treasury company with real credibility, one that is truly capitalized in Bitcoin,” he noted. From that reflection came an uncomfortable question: if no one else was willing to build it with that philosophy, why not them? The result was that Mallers and Ardoino decided to act. “Friends should be the change they want to see in the world,” Mallers reflected.

SoftBank Invests Billions in Bitcoin: An Unconventional Pact

What makes Twenty One a truly remarkable initiative is how it secured its funding. Within weeks, after Mallers and Ardoino’s decision, SoftBank joined as a founding partner willing to invest one billion dollars. But here’s the twist: instead of negotiating in fiat currency, the Twenty One team insisted on something radical. “We told SoftBank: ‘We are a Bitcoin company, so we need your contribution in Bitcoin.’ I don’t think in dollars; I think in Bitcoin,” Mallers emphasized.

That decision significantly changed the numbers. In May 2025, when the investment was structured, one billion dollars was approximately 10,500 Bitcoins. SoftBank denominated its contribution in that amount, reflecting the company’s and its investors’ commitment to the Bitcoin philosophy. With an initial treasury of at least 2,000 Bitcoins, Twenty One positions itself as the third-largest Bitcoin reserve of any company in the world.

The Worldview Behind Twenty One: Bitcoin as a Moral Code

To fully understand why Jack Mallers is so committed to initiatives like Twenty One, it’s necessary to know the personal motivation guiding him. Mallers recounts that his entry into the Bitcoin world was almost accidental: a futures trader explained how the monetary system really works, specifically how constant devaluation through money printing and inflation governs economies.

That understanding left a deep mark on him. For Mallers, Bitcoin represents something beyond technology or financial investment. “Bitcoin, before being computer code, before being an asset or an ETF, is for me a moral code,” he declared. His interpretation reflects fundamental principles: a currency that cannot be censored, inflated, confiscated, falsified, or stolen.

This vision extends beyond speculative circles. “Bitcoin is not just a group of hedge fund managers in Miami clubs. It is an ethical and moral code in which we all work to create a world where we can exist securely,” Mallers affirmed. Depoliticizing money issuance, in his view, is the key to freeing humanity from centrally controlled systems.

Twenty One embodies this philosophy translated into business action: a Bitcoin treasury, committed institutional investors, and a structure dedicated to deepening Bitcoin’s integration into global capital markets. For Jack Mallers, the project represents much more than profitability: it is the realization of a conviction that has guided his ventures for years.