Jack Mallers’ Twenty One jumps to third place among corporate bitcoin holders

The new venture overtook Riot Platforms in the race to stockpile the most bitcoin.

5/15/25 11:43AM

It took just a few weeks for newcomer Twenty One, the new bitcoin-native company launched by Strike CEO Jack Mallers, Tether, and SoftBank Group, to become the third-largest corporate bitcoin holder.

The company, which said it would be a superior vehicle to Michael Saylor’s bitcoin holding company, Strategy, added 4,812.2 bitcoin on May 13 (acquired via Tether), bringing its total holdings to 31,500, according to a regulatory filing. This brings it closer to its aim to hold 42,000 bitcoin when the company launches under the ticker “XXI.”

Meanwhile, Japanese company Metaplanet released its Q1 earnings yesterday, noting it has become the top Asian bitcoin corporate holder and the 11th globally. It was the company’s “strongest quarter,” CEO Simon Gerovich said in an X post. With its latest bitcoin acquisition this week, the company now holds “more bitcoin than El Salvador.”

Metaplanet holds 6,796 bitcoin, reaching 68% of its 10,000 bitcoin target in roughly four months, its earnings presentation showed. It also achieved a 170% BTC yield year to date. Q1 revenue increased 8% quarter over quarter, largely driven by bitcoin income generation.

Strategy, the original bitcoin stockpiler, added 13,390 bitcoin this week for $1.34 billion, bringing its total to 568,840.

This week also saw the newest entrant in the Strategy copycat race, Nakamoto, launched by President Trump’s crypto advisor, David Bailey. Nakamoto aims to “elevate bitcoin to every public and private corporate balance sheet around the world,” Bailey told Sherwood News.

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Justin Sun sues Trump-backed World Liberty over frozen tokens

Crypto billionaire Justin Sun, owner of the world’s most expensive banana, was named an adviser to World Liberty Financial the day after investing $30 million in the project. (He’d later boost that with $45 million more.) Sun has long been a supporter of President Trump, and has not once, but twice topped a competition to amass the most $TRUMP coins. But it seems even for Sun, the gold has turned brass.

Sun announced on social media that he’s filed a lawsuit in a California federal court against the crypto project backed by Trump.

The lawsuit alleges World Liberty engaged in an “illegal scheme to seize property” and “positioned itself as the new boogeyman” by stripping Sun of his governance rights, threatening to burn his WLFI tokens, and freezing his stash, which at times were worth $1 billion, according to the complaint dated on Tuesday.

“I have tried in good faith to resolve this situation with the World Liberty project team without resorting to litigation,” Sun wrote in a lengthy X post on Tuesday night. “But the project team has refused my requests to unfreeze my tokens and restore my rights as a token holder. They have left me with no choice but to turn to the courts.”

The complaint also alleged that World Liberty appears to be in financial trouble, citing concerns over whether the project can repay an on-chain loan that was collateralized by using, at the time, $5 billion worth of WLFI. The token reached an all-time low less than two weeks ago.

Despite the escalation with World Liberty, Sun said the lawsuit does not change his feelings about Trump or his administration. “I have always been — and remain — an ardent supporter of President Trump and his Administration’s efforts to make America crypto friendly,” he said.