Cointime

Cointime

Download App
iOS & Android

Strike’s Mallers to head firm seeking superior Bitcoin play to MSTR

Validated Media

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 revealed it plans to launch with 42,000 Bitcoin 

BTC$92,047(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,accordingto 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 compared 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 holds 534,741 BTC — 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. 

Comments

All Comments

Recommended for you

  • Iran Announces Escalation of Strikes in Response to U.S. Attacks

    On September 10, it was reported that an Iranian official stated that Tehran is prepared to engage in a more intense conflict with the United States if necessary. The official indicated that Iran would respond to U.S. attacks with escalated strikes. Iran views this conflict as a 'battle for survival.' The official remarked that Iran has 'no choice but to fight.'

  • Iran to Intensify Strikes in Response to U.S. Attacks

    On September 10, it was reported that an Iranian official stated that Tehran is prepared to engage in a more intense war with the United States if necessary. The official indicated that Iran will escalate its strikes in response to U.S. attacks, viewing this conflict as a 'battle for survival.' The official remarked that Iran has 'no choice but to fight.'

  • U.S. Treasury Announces Debt Buyback Size: Up to $6 Billion

    On September 9, the U.S. Treasury will buy back up to $6 billion in long-term bonds on Thursday. Previously, the U.S. Treasury indicated that before November 4, the size of a single long-term bond buyback would at least double to $4 billion.

  • U.S. Treasury Announces Debt Buyback Size: Up to $6 Billion

    On September 9, the U.S. Treasury will buy back up to $6 billion in long-term bonds on Thursday. Previously, the U.S. Treasury stated that before November 4, the size of a single long-term bond buyback would at least double to $4 billion.

  • Bank of America Reports Sixth Largest Weekly Inflow into US Stocks Since 2008, Driven by Institutions and Hedge Funds

    Data from Bank of America shows that last week, the US stock market recorded its sixth largest weekly inflow since 2008, marking the largest scale since mid-July. Bank of America strategist Jill Carey Hall noted that this round of inflows was primarily driven by institutional investors and hedge fund clients, with net purchases of US stocks for the second consecutive week. The funds mainly flowed into individual stocks and equity ETFs. In terms of sectors, 8 out of the 11 sectors in the S&P 500 saw net inflows, with the technology sector leading the gains, and the communication services sector receiving inflows for the first time in five weeks. The industrial sector experienced the largest outflow, facing selling pressure for the fifth consecutive week, with Hall stating that this sector is the most competitive and has the highest costs. In terms of stock preferences, clients favored large and mid-cap stocks while selling small-cap stocks. In contrast to professional institutions, retail clients have been net sellers of stocks for six consecutive weeks.

  • Bank of America Reports Sixth Largest Weekly Inflow into US Stocks Since 2008, Driven by Institutions and Hedge Funds

    Bank of America data shows that last week the US stock market recorded its sixth largest weekly inflow since 2008, marking the largest scale since mid-July. BofA strategist Jill Carey Hall noted that this round of inflows was primarily driven by institutional investors and hedge fund clients, with net buying of US stocks for the second consecutive week, focusing mainly on individual stocks and equity ETFs. In terms of sectors, 8 out of the 11 sectors in the S&P 500 saw net inflows, with the technology sector leading the gains, while the communication services sector recorded its first inflow in five weeks. The industrial sector experienced the largest outflow, facing selling for the fifth consecutive week, with Hall stating that this sector is the most competitive and has the highest costs. In terms of stock preferences, clients favored large and mid-cap stocks while selling small-cap stocks. In contrast to professional institutions, private clients have been net sellers of stocks for the sixth consecutive week.

  • U.S. Department of Justice and Treasury Target Xinbi, Seizing $52 Million in Crypto Assets

    On September 9, the U.S. Department of Justice and the Treasury took law enforcement action against the illegal scam service market Xinbi, seizing and restricting the disposal of over $52 million in cryptocurrency assets. This brings the total assets restricted by the task force to approximately $938 million. Tether assisted in the investigation. The Justice Department accused Xinbi of operating via Telegram, providing investment scam websites and money laundering services to scam groups. Law enforcement has seized its Telegram channel and two wallets holding about $12 million in cryptocurrency, and restricted the disposal of an additional 47 related wallets. The U.S. Treasury's Office of Foreign Assets Control has designated Xinbi as a significant transnational criminal organization and sanctioned two related entities. The task force also assisted Madagascar in shutting down 13 scam hubs, processing over 3,200 electronic devices, and arresting nearly 400 individuals.

  • U.S. DOJ and Treasury Target Xinbi, Seizing $52 Million in Crypto Assets

    On September 9, the U.S. Department of Justice (DOJ) and the Department of the Treasury took enforcement action against the illegal scam service market Xinbi, seizing and restricting the disposal of over $52 million in crypto assets. This brings the total assets restricted by the task force to approximately $938 million. Tether assisted in the investigation. The DOJ accused Xinbi of operating through Telegram, providing investment scam websites and money laundering services for fraud rings. Law enforcement has seized its Telegram channel and two crypto wallets holding about $12 million, while also restricting the disposal of an additional 47 related wallets. The Treasury Department's Office of Foreign Assets Control has designated Xinbi as a significant transnational criminal organization and sanctioned two related entities. The task force also assisted Madagascar in shutting down 13 scam hubs, processing over 3,200 electronic devices, and arresting nearly 400 individuals.

  • Philadelphia Semiconductor Index Rises Over 1%

    On September 9, the Philadelphia Semiconductor Index surged, currently up over 1%. Among the constituent stocks, Marvell Technology and Astera Labs rose over 6%, while Arm, Micron Technology, Coherent, and AMD all increased by more than 3%. Qualcomm gained nearly 2%, and ON Semiconductor rose over 1%.

  • Dell Surges Over 5%, Hits New All-Time High with 347% Year-to-Date Increase

    On September 9, Dell Technologies (DELL.US) rose over 5%, reaching $562.99 and setting a new all-time high. The company's market capitalization reached $358 billion, with a year-to-date increase of 347%.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company