Jack Mallers, CEO and founder of bitcoin payments company Strike, posted a private investor letter on Friday, disclosing the firm's explosive growth in 2024. According to the letter, Strike achieved a 600% year-over-year increase, processing over $6 billion in payments volume, with a gross profit margin of 85% and an adjusted EBITDA margin of 21%. Mallers wrote: "Over the last five years, we’ve built Strike into one of the most profitable and fastest-growing companies in the world. Today, I’m sharing key metrics publicly for the first time."
From College Dropout to Bitcoin Payment Leader
Mallers, a 31-year-old Chicago native who dropped out of college, founded Strike's parent company Zap Solutions in 2017 after learning about bitcoin from his father four years earlier. He taught himself to code, built a bitcoin wallet, and after multiple iterations, rebranded as "Strike" around 2020. The company became essential in the bitcoin landscape and helped make bitcoin legal tender in El Salvador, earning Mallers cult-like status in the bitcoin community.
Despite processing billions of dollars in transactions, Strike operates a highly lean model with only 75 employees. In the letter, Mallers outlined a key goal for 2025: achieving "8-9 figures in net profit" while maintaining the same small team.
Twenty One Capital Role Raises Questions, Mallers Confirms Dual Leadership
On Wednesday, Twenty One Capital — a new bitcoin treasury firm backed by stablecoin giant Tether and Japanese investment firm Softbank — announced Mallers as its CEO. Some market participants speculated that Mallers might step down from Strike. However, Mallers clarified in the letter: "I will serve as co-founder and CEO of Twenty One while continuing to lead Strike. Let me be clear, this is not a shift in my commitment, it’s an extension of it." He added that sharing Strike's financial data was meant to prove the company's health and his ongoing dedication.
Strike's explosive growth in 2024 and Mallers' dual leadership positions reinforce his status as a key figure in the industry, as he now drives both a bitcoin payments network and a corporate treasury initiative.