Bitcoin Transparency Push: Jack Mallers’ Twenty One Capital Opens Books with Proof-of-Reserves

Twenty One Capital’s co-founder, Jack Mallers, has announced via his X account that the Bitcoin treasury company has now implemented a Proof-of-Reserves protocol.

According to Mallers, the latest implementation would allow anyone to audit the company’s accounts, which means people get to verify that Twenty One Capital actually owns the Bitcoins they claim to hold.

Mallers stated that his company has moved a significant amount of Bitcoin to its wallets, as promised during last week’s Bitcoin2025 conference. Twenty One Capital partnered with Tether to achieve this feat, with the stablecoin issuer transferring $3.9 billion worth of Bitcoin to the Bitcoin treasury company, making it the third-largest corporate BTC holder.

In the meantime, Mallers posted a short video mentioning his firm’s Bitcoin holdings, including the 14,000 BTC contribution from Tether and the 7,000 Bitcoins it received from Bitfinex.

The Twenty One Capital co-founder further mentioned a 10,500 Bitcoin contribution from Tether on behalf of SoftBank, noting that the company will publish all its wallet addresses and details on its website, making them available for public verification.

Apart from their highlighted holdings, Mallers notified the public that Twenty One Capital performed a capital raise and used the proceeds to acquire more Bitcoins. He explained that the company will publish the wallet containing the Bitcoins acquired from the capital raise, making it available for public verification.

Altogether, Twenty One Capital has five Bitcoin addresses containing its total holdings, and Mallers noted that they would publish all of them on their website. The last address contains BTC acquired using their convertible notes, with a call option of up to $100 million.

Mallers explained that the transparency system his firm has adopted using the Proof-of-Reserves protocol is unique to Bitcoin. He compared it to the systems used to audit mainstream assets like gold, which could take several months under cumbersome circumstances.

The Proof-of-Reserves protocol allows anyone from anywhere to verify and confirm that Twenty One Capital owns all the Bitcoins it claims.