Mallers: Bitcoin’s Onchain Proofs More Verifiable Than Gold

At the Bitcoin 2026 conference, Jack Mallers, chief executive of Twenty One Capital, described the firm’s live onchain proof-of-reserves and why he sees it as a different form of public verification than traditional precious-metal reports. Mallers addressed attendees about the mechanics and transparency of the system.

Twenty One Capital publishes its bitcoin addresses and balances directly to the blockchain so anyone with an internet connection can check holdings without relying on intermediaries. The company updates those records continuously, allowing third parties to match reported balances with onchain data in real time.

The corporate treasury holds more than 43,500 BTC. Mallers noted the firm added roughly 5,800 BTC in the third quarter of 2025 ahead of its public listing. Backed by Tether and SoftBank, Twenty One Capital completed a public listing on the New York Stock Exchange after merging with Cantor Equity Partners. The company ranks behind Strategy and MARA Holdings among publicly listed firms by bitcoin holdings.

Mallers contrasted the onchain process with how gold reserves are verified. He said gold verification relies on physical custody, vault inspections and audits by third parties, steps that do not let an ordinary member of the public independently confirm reported balances. “You can’t do this with gold,” he told the audience.

Twenty One’s live proof-of-reserves initiative sends ongoing updates to the blockchain so external auditors, investors and members of the public can compare internal reports to public records. Mallers described that capability as a practical option for corporate treasuries that want open verification of asset holdings.

Institutional adoption of bitcoin has grown recently, and some corporate treasuries are considering bitcoin as an alternative or complement to cash and gold. Mallers focused his remarks on the technical difference in how holdings can be verified onchain versus through physical audits for gold.