Jack Mallers Leads Bitcoin Venture

CRYPTO
Jack Mallers Leads Bitcoin Venture

Jack Mallers, founder and CEO of Strike, a Bitcoin payments platform leveraging the Lightning Network, has taken the helm of Twenty One Capital, a Bitcoin-native company launched in April 2025. Backed by Tether, SoftBank, and Cantor Fitzgerald, Twenty One aims to go public via a SPAC merger, trading under $XXI on Nasdaq. Starting with a treasury of 42,000 BTC (valued at ~$3.6 billion), it’s the third-largest corporate Bitcoin holder.

The company’s mission is to maximize Bitcoin ownership per share (BPS) and pioneer Bitcoin-native financial tools, like lending and capital market instruments, while offering investors direct Bitcoin exposure through public markets. Unlike ETFs, it focuses on growing BPS and Bitcoin Return Rate (BRR). Mallers, a Bitcoin maximalist, continues leading Strike, emphasizing Bitcoin’s role as a decentralized, censorship-resistant asset to transform global finance.

FINANCE
Tech Stocks Lead Market Rally

Stock markets rose for the fourth straight day, lifted by tech gains and investor reactions to President Donald Trump’s comments on tariffs. The S&P 500 climbed 0.75%, the Nasdaq surged 1.25%, and the Dow Jones stayed flat. Alphabet helped drive the tech rally, reporting a 12% year-over-year revenue increase to $90.2 billion and a 1.5% stock gain.

Nvidia jumped 4.3% after assuring investors of strong AI chip demand. Meanwhile, Trump told Time he had made "200 deals" on tariffs, suggesting talks could conclude in three to four weeks. However, he also said tariffs could rise to 20–50%, sparking market concerns. This capped a week of recovery after Trump's early April tariff announcement caused markets to tumble. Tensions with China remain, despite Trump's claims of progress, and Chinese officials’ denials of formal negotiations. Markets also reacted to Trump’s attacks on Fed Chair Jerome Powell, though he later backed off firing threats.

TECH
xAI Seeks $20 Billion Funding

Elon Musk’s xAI Holdings is negotiating with investors to raise approximately $20 billion, potentially valuing the company at over $120 billion, Bloomberg News reported, citing insiders. Earlier, sources told CNBC’s David Faber that Musk aimed to establish a “proper value” for xAI during a call with investors, hinting at a significant upcoming capital raise without confirming specifics.

The funding could exceed $20 billion, as the final amount remains undecided, per Bloomberg. xAI, an AI startup, did not respond to CNBC’s request for comment outside U.S. business hours. Last month, xAI acquired X in an all-stock deal, valuing xAI at $80 billion and X at $33 billion. Musk stated on X that the merger combines xAI’s AI expertise with X’s vast reach, aiming to unlock substantial potential through integrated data, models, compute, distribution, and talent.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.