In a groundbreaking move in the world of cryptocurrency, Twenty One Capital has set its sights on dethroning Michael Saylor’s Strategy as the premier Bitcoin treasury firm. Spearheaded by Jack Mallers, founder of Strike, this new venture has garnered considerable investment support from industry pioneers such as Tether, SoftBank, and Cantor Fitzgerald.
With plans to launch with an impressive 42,000 Bitcoin (BTC), valued at approximately $3.9 billion, the goal is to provide a capital-efficient vehicle for investors seeking Bitcoin exposure. Of this initial fund, around 23,950 BTC will come from Tether, 10,500 BTC from SoftBank, and 7,000 BTC from Bitfinex, with shares set at $10 each. This strategic launch positions Twenty One Capital to become the third-largest corporate holder of Bitcoin, trailing only Michael Saylor’s Strategy and MARA Holdings, another major player in the space.
To facilitate its ambitious expansion plans, Twenty One Capital aims to go public through a blank-check merger with Cantor Equity Partners, targeting a trading ticker of XXI on Nasdaq. Once finalized, this agreement will unlock an additional $585 million through convertible bonds and equity financing. In a statement, Mallers emphasized, “Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time. We’re not here to beat the market; we’re here to build a new one.” This mission underscores their intent to redefine the dynamics of Bitcoin investment opportunities.
Thirty One Capital has drawn comparisons between its business model and that of Saylor’s Strategy. According to its presentations to the US Securities and Exchange Commission, they argue that Strategy’s capacity to enhance shareholder value is limited due to its already significant Bitcoin holdings of 534,741 BTC. In contrast, Twenty One plans for a more streamlined and dynamic approach, which allows greater flexibility for strategic capital raises and a more authentic, *Bitcoin-native* operational model.
Beyond merely stockpiling assets, Twenty One intends to diversify its offerings by launching various Bitcoin-related products, including debt and equity instruments, a lending platform, an advisory service, and educational resources aimed at enhancing both institutional and retail Bitcoin literacy. They are also looking to collaborate with established industry players to host educational conferences, ultimately contributing to the broader goal of accelerating Bitcoin adoption.
The announcement of this venture had an immediate impact on the market, sparking a substantial 54.2% increase in Cantor Equity Partners’ share price, which rose to $16.50. Following this, there was an additional 25.1% surge in after-hours trading, indicating robust investor interest. As Tether and Bitfinex emerge as majority stakeholders, with SoftBank holding a significant minority stake, the landscape of bitcoin treasury management is poised for remarkable transformation. Whether or not Twenty One Capital can realize its grand vision will certainly be one of the most watched developments in the cryptocurrency domain.
