Jack Mallers announces IPO plans after JPMorgan closes his accounts

Strike CEO Jack Mallers isn’t letting traditional finance shut the door on him. 

After JPMorgan Chase abruptly terminated his bank accounts in September, the 31-year-old Bitcoin advocate is now heading toward Wall Street, with plans to take one of his companies public.

Mallers’ firm, Twenty One Capital announced a key milestone in its merger with Cantor Equity Partners (CEP), a special purpose acquisition company listed on Nasdaq.

Twenty One Capital to list on NYSE

Twenty One Capital, a Bitcoin-native enterprise, is designed to offer investors exposure to Bitcoin (BTC) through equity markets. Mallers was named the CEO and co-founder of Twenty One Capital in April 2025. 

Backed by Tether and SoftBank, Twenty One Capital plans to compete with Michael Saylor's Strategy (NASDAQ: MSTR). 

At an Extraordinary General Meeting on Dec. 3, CEP’s shareholders approved the proposed business combination between the two companies, setting the stage for the next step in the Bitcoin-native IPO journey.

Following final regulatory steps and closing conditions, the merger and accompanying private investment in public equity (PIPE) financings are expected to be completed by Dec. 8, 2025, according to the announcement.

Once completed, the combined company will retain the name Twenty One Capital and begin trading on the New York Stock Exchange under the ticker symbol “XXI” starting Dec. 9, 2025.

Game on. See you at the @NYSE on Tuesday. #Bitcoin pic.twitter.com/oTGPyjyigC

— Jack Mallers (@jackmallers) December 4, 2025

With this move, Twenty One Capital is positioning itself as a Bitcoin-only operating company aiming to deliver long-term shareholder value and create a capital-efficient vehicle for Bitcoin accumulation.

CEP, led by Chairman and CEO Brandon Lutnick, is sponsored by an affiliate of Cantor Fitzgerald, one of the most established names on Wall Street.

From bank ban to Bitcoin IPO

The approval comes weeks after Mallers revealed that JPMorgan Chase abruptly closed his accounts in September without explanation.

“Last month, J.P. Morgan Chase threw me out of the bank… Every time I asked them why, they said the same thing: ‘We aren’t allowed to tell you,’”
— Jack Mallers on X, Nov. 23

The closure letter cited “concerning activity” and referenced the Bank Secrecy Act, effectively barring Mallers from reopening accounts at the bank.

The decision drew strong criticism from the Bitcoin community, with Bo Hines, former head of the Trump administration’s Council of Advisers on Digital Assets and now an advisor to Tether (USDT), publicly calling out JPMorgan:

“Hey Chase… you guys know Operation Choke Point is over, right? Just checking.”

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Bitcoin community pushes back

Mallers’ banking saga has become the latest flashpoint in what many Bitcoin supporters describe as “Operation Choke Point 2.0," an alleged effort by major U.S. banks to marginalize crypto firms through debanking and regulatory pressure.

The controversy follows months of scrutiny around MSCI’s proposed index rule changes and alleged discriminatory banking practices toward crypto-linked businesses.