Strike’s Mallers to head firm seeking superior Bitcoin play to MSTR
Twenty One Capital, a new Bitcoin treasury company led by Strike founder Jack Mallers with the support of Tether, SoftBank and Cantor Fitzgerald, is looking to supplant Michael Saylor’s Strategy to become the “superior vehicle for investors seeking capital-efficient Bitcoin exposure.”
Twenty One with 42,000 Bitcoin () (worth $3.9 billion) with roughly 23,950 BTC coming from Tether, 10,500 BTC from Softbank and 7,000 BTC from Bitfinex, which will be converted into equity at $10 per share, to an April 23 statement.
The firm is seeking a public listing via a blank-check merger with Cantor Equity Partners and will trade under the ticker XXI on the Nasdaq once it finalizes an agreement with investors to raise $585 million through convertible bonds and equity financing.
“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,” said Mallers, the founder and CEO of Bitcoin payments-focused firm Strike.
“A public stock, built by Bitcoiners, for Bitcoiners.”
Twenty One specifically its business model to Strategy’s in an investor presentation to the US Securities and Exchange Commission, claiming it is potentially a “superior vehicle for investors seeking capital-efficient Bitcoin exposure.”
It claimed that Strategy’s ability to create shareholder value through future Bitcoin purchases will be limited because the firm — which — would need to make even larger investments to increase its Bitcoin Per Share, or BPS, thus diminishing the per-share dollar impact of future capital deployments.
Twenty One said it would be a more “pure play” for investors seeking Bitcoin exposure with Bitcoin-native operations and more “flexibility” for strategic capital raises.
Twenty One Capital’s comparison of its Bitcoin treasury plan with that of Strategy’s. Source:
A launch of 42,000 Bitcoin would make Twenty One the third-largest corporate Bitcoin holder, trailing only Strategy and , which holds 47,600 BTC, to BitcoinTreasuries.NET data.
Twenty One plans to do more than just stack Bitcoin
Twenty One also intends to build out several Bitcoin-focused offerings, including Bitcoin debt and equity products, an advisory service, a lending platform and an educational platform.
“Twenty One’s mission will be to accelerate Bitcoin adoption and Bitcoin literacy at both institutional and retail levels,” the firm said.
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The firm will also partner with industry players to
Twenty One Capital’s three-stage business plan. Source:
The news sparked a massive 54.2% price rally in Cantor Equity Partners (CEP) shares to $16.50 on April 23 and has risen another 25.1% in after-hours, Google Finance shows. CEP will convert to XXI once the $585 million agreement is completed.
The venture strengthens Tether’s ties with Cantor, which manages US Treasury reserves backing Tether’s which boasts a market cap of $145.3 billion. Cantor also owns a.
Twenty One will be majority-owned by Tether and crypto exchange Bitfinex, while Japanese investment holding firm SoftBank will own a “significant” minority share.
