Twenty One Capital’s Jack Mallers Argues BTC’s Proof of Reserves Outclasses Gold at Bitcoin 2026

Key Takeaways:

• Twenty One Capital CEO Jack Mallers says bitcoin’s onchain auditability gives it an borderline implicit gold.
• The firm treasury presently holds implicit 43,500 BTC worthy astir $3.35 billion, making it the third-largest nationalist treasury.
• Mallers launched unrecorded impervious of reserves, letting anyone verify Twenty One’s BTC holdings successful existent time.

Bitcoin Can Be Verified, Gold Cannot

Speaking astatine the conference, Mallers focused his case connected the cardinal spread that bitcoin holdings are publically verifiable onchain, successful existent time, without relying connected immoderate 3rd party. Gold requires carnal audits, trusted intermediaries, and organization reporting that nary subordinate of the nationalist tin independently verify.

“You can’t bash this with gold,” Mallers said, referring to Twenty One Capital’s unrecorded impervious of reserves system, which publishes the firm’s bitcoin holdings straight to the blockchain truthful anyone tin audit them astatine immoderate time.

Twenty One Capital holds implicit 43,500 BTC valued astatine astir $3.9 billion, ranking it 3rd among publically listed bitcoin treasury companies, down Strategy and MARA Holdings. Backed by Tether and Softbank, the steadfast went nationalist connected the New York Stock Exchange aft merging with Cantor Equity Partners. Bitcoin.com archetypal reported connected the company’s launch erstwhile Mallers was named to pb the Tether and Softbank-funded venture.

The Inevitable Gold Comparison

Gold has served arsenic a monetary reserve for centuries, but its verification process relies connected carnal custody inspections, third-party auditors, and spot successful organization reporting. Bitcoin, by contrast, is auditable by anyone with an net transportation and entree to its nationalist blockchain.

The statement is gaining traction arsenic organization bitcoin adoption has accelerated heavy successful caller months. Strategy, the largest firm bitcoin holder, has made a akin lawsuit for bitcoin arsenic a treasury plus that outperforms some gold and accepted currency reserves. Prior coverage has explored however gold’s ain bull tally has historically preceded bitcoin terms moves, with analysts, including Mallers, discussing however the 2 assets progressively vie for the aforesaid organization demand.

Twenty One Capital acquired astir 5,800 further BTC up of its nationalist listing during Q3 2025, adding to a treasury that present anchors 1 of the astir intimately watched firm bitcoin strategies successful the market.