The Wild Race to Build a Bitcoin Empire That Outshines Michael Saylor

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In the ever-exciting world of Bitcoin—and trust me, it’s about as predictable as a cat on a Roomba—Jack Mallers, the brain behind Strike, has decided to take a swing for the fences. With a shiny new venture called Twenty One Capital, a Bitcoin treasury company backed by heavy hitters like Tether, SoftBank, and Cantor Fitzgerald, Mallers aims to dethrone Michael Saylor’s well-known Strategy as the go-to playground for those who fancy capital-efficient Bitcoin exposure. 🎢

Launching with a no-small change stash of 42,000 Bitcoin (that’s roughly $3.9 billion for those of us who like numbers with commas), Twenty One is backed by a Bitcoin bouquet: about 23,950 BTC from Tether, 10,500 BTC from SoftBank, and 7,000 BTC from Bitfinex. These will magically transform into equity at a mysterious $10 per share—because why not turn your magic internet money into actual shares? 🪄💰

They’re eyeing a public debut via a blank-check merger with Cantor Equity Partners, soon to dazzle on Nasdaq as XXI. The plan includes raising a cool $585 million through convertible bonds and equity financing, which is just the kind of adult fundraising party Wall Street loves.

When asked about his plan to conquer the Bitcoin world, Mallers declared, “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.” A noble sentiment—because if you’re not trying to build a whole new playground, what’s the point? 🤷‍♂️

“A public stock, built by Bitcoiners, for Bitcoiners.”

Twenty One doesn’t shy from a bit of trash talk either. They openly compare themselves to Strategy, their well-cushioned rival with over half a million Bitcoins, claiming—tongue firmly in cheek—that Strategy’s growth potential is limited. Apparently, buying more Bitcoin is like trying to squeeze an elephant into a clown car: diminishing returns all around.

By contrast, Twenty One promises a “pure play” for Bitcoin enthusiasts, boasting Bitcoin-native operations and more “flexibility” for raising capital. Because who wants rigidity in their digital money circus?

Bitcoin Treasury Visual

With 42,000 Bitcoin stashed away, Twenty One will be the third-biggest corporate Bitcoin holder—just behind Strategy and MARA Holdings (the mining firm hoarding 47,600 BTC). Not too shabby for a new kid on the block(chain).

Twenty One Isn’t Just About Stacking Satoshis

This outfit is thinking bigger. Alongside hoarding digital gold, they want to create a whole Bitcoin ecosystem—debt and equity products, advisory services, a lending platform, and an educational hub. Basically, all the things that sound impressive at a conference and confuse your grandma.

Their stated goal? To speed up Bitcoin adoption and literacy for everyone from seasoned institutional investors to your uncle who still thinks Bitcoin is some kind of energy drink. 🥤📚

And if that wasn’t enough, Twenty One plans to cozy up with industry players to host Bitcoin conferences—because nothing says community like overpriced lattes and panel talks on crypto futures.

Bitcoin Conference

The buzz around this venture sent Cantor Equity Partners’ shares on a rollercoaster, soaring 54.2% to $16.50 in a single day and continuing the after-hours party with another 25.1% gain. Once the $585 million deal closes, CEP will officially become XXI and join the Nasdaq limelight.

What does this all mean? Well, aside from making Tether and Cantor BFFs (Cantor managing the US Treasury reserves behind Tether’s mighty USDT, which sports a chill $145.3 billion market cap), it means that Tether and Bitfinex will call most of the shots at Twenty One, while Japan’s SoftBank gets a respectable, if slightly less dominant, seat at the table.

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2025-04-24 04:24