Catenaa, Friday, May 16, 2025- Jack Mallers, CEO of the Bitcoin-focused firm Twenty One, outlined a bold calculation suggesting Bitcoin (BTC) could someday be worth $50 million per coin, based on its limited supply and vast potential market.
Mallers, who also founded payment platform Strike, discussed his estimate in a May 1 interview with journalist David Lin.
The calculation hinges on Bitcoin’s fixed maximum supply of 21 million coins against the estimated $900 trillion global value stored in assets such as stocks, real estate, and sovereign debt.
“If you take the total global stored value and divide it by the capped number of bitcoins, you arrive at about $42.86 million per coin,” Mallers said.
He noted that factoring in lost bitcoins drives the price closer to $50 million.
Despite the eye-popping figure, Mallers emphasized that his estimate is not a price forecast but a theoretical market opportunity. He cautioned against comparing Bitcoin to tech stocks, traditional stock markets, or altcoins like Ethereum, which he said represent a smaller opportunity.
Twenty One is a new venture launched in April 2025 backed by Tether, Softbank, and Cantor Fitzgerald.
It allows institutional investors to gain Bitcoin exposure without owning the coins directly, quickly becoming the third-largest corporate holder of BTC. Mallers also said the company will focus on “BTC per share” metrics rather than traditional US dollar valuations.
The firm aims to build new infrastructure around Bitcoin investment, rather than competing with existing crypto strategies like those led by MicroStrategy’s Michael Saylor.
