Key Takeaways:
Twenty One Capital CEO Jack Mallers says bitcoin’s onchain auditability gives it an edge over gold. The corporate treasury currently holds over 43,500 BTC worth roughly $3.35 billion, making it the third-largest public treasury. Mallers launched live proof of reserves, letting anyone verify Twenty One’s BTC holdings in real time.
Bitcoin Can Be Verified, Gold Cannot
Speaking at the conference, Mallers focused his case on the fundamental gap that bitcoin holdings are publicly verifiable onchain, in real time, without relying on any third party. Gold requires physical audits, trusted intermediaries, and institutional reporting that no member of the public can independently verify.
“You can’t do this with gold,” Mallers said, referring to Twenty One Capital’s live proof of reserves system, which publishes the firm’s bitcoin holdings directly to the blockchain so anyone can audit them at any time.
Twenty One Capital holds over 43,500 BTC valued at approximately $3.9 billion, ranking it third among publicly listed bitcoin treasury companies, behind Strategy and MARA Holdings. Backed by Tether and Softbank, the firm went public on the New York Stock Exchange after merging with Cantor Equity Partners. Bitcoin.com first reported on the company’s launch when Mallers was named to lead the Tether and Softbank-funded venture.
The Inevitable Gold Comparison
Gold has served as a monetary reserve for centuries, but its verification process relies on physical custody inspections, third-party auditors, and trust in institutional reporting. Bitcoin, by contrast, is auditable by anyone with an internet connection and access to its public blockchain.
The argument is gaining traction as institutional bitcoin adoption has accelerated heavily in recent months. Strategy, the largest corporate bitcoin holder, has made a similar case for bitcoin as a treasury asset that outperforms both gold and traditional cash reserves. Prior coverage has explored how gold’s own bull run has historically preceded bitcoin price moves, with analysts, including Mallers, discussing how the two assets increasingly compete for the same institutional demand.
Twenty One Capital acquired approximately 5,800 additional BTC ahead of its public listing during Q3 2025, adding to a treasury that now anchors one of the most closely watched corporate bitcoin strategies in the market.
