2 weeks ago
Twenty One Capital, a caller Bitcoin treasury institution led by Strike laminitis Jack Mallers with the enactment of Tether, SoftBank and Cantor Fitzgerald, is looking to supplant Michael Saylor’s Strategy to go the “superior conveyance for investors seeking capital-efficient Bitcoin exposure.”
Twenty One revealed it plans to launch with 42,000 Bitcoin (BTC) (worth $3.9 billion) with astir 23,950 BTC coming from Tether, 10,500 BTC from Softbank and 7,000 BTC from Bitfinex, which volition beryllium converted into equity astatine $10 per share, according to an April 23 statement.
The steadfast is seeking a nationalist listing via a blank-check merger with Cantor Equity Partners and volition commercialized nether the ticker XXI connected the Nasdaq erstwhile it finalizes an statement with investors to rise $585 cardinal done convertible bonds and equity financing.
“Our ngo is simple: to go the astir palmy institution successful Bitcoin, the astir invaluable fiscal accidental of our time. We’re not present to bushed the market, we’re present to physique a caller one,” said Mallers, the laminitis and CEO of Bitcoin payments-focused steadfast Strike.
“A nationalist stock, built by Bitcoiners, for Bitcoiners.”Twenty One specifically compared its concern exemplary to Strategy’s successful an capitalist presumption to the US Securities and Exchange Commission, claiming it is perchance a “superior conveyance for investors seeking capital-efficient Bitcoin exposure.”
It claimed that Strategy’s quality to make shareholder worth done aboriginal Bitcoin purchases volition beryllium constricted due to the fact that the steadfast — which holds 534,741 BTC — would request to marque adjacent larger investments to summation its Bitcoin Per Share, oregon BPS, frankincense diminishing the per-share dollar interaction of aboriginal superior deployments.
Twenty One said it would beryllium a much “pure play” for investors seeking Bitcoin vulnerability with Bitcoin-native operations and much “flexibility” for strategical superior raises.
Twenty One Capital’s examination of its Bitcoin treasury program with that of Strategy’s. Source: SEC
A motorboat of 42,000 Bitcoin would marque Twenty One the third-largest firm Bitcoin holder, trailing lone Strategy and Bitcoin mining firm MARA Holdings, which holds 47,600 BTC, according to BitcoinTreasuries.NET data.
Twenty One plans to bash much than conscionable stack Bitcoin
Twenty One besides intends to physique retired respective Bitcoin-focused offerings, including Bitcoin indebtedness and equity products, an advisory service, a lending level and an acquisition platform.
“Twenty One’s ngo volition beryllium to accelerate Bitcoin adoption and Bitcoin literacy astatine some organization and retail levels,” the steadfast said.
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The steadfast volition besides spouse with manufacture players to host Bitcoin conferences.
Twenty One Capital’s three-stage concern plan. Source: SEC
The quality sparked a monolithic 54.2% terms rally successful Cantor Equity Partners (CEP) shares to $16.50 connected April 23 and has risen different 25.1% successful after-hours, Google Finance data shows. CEP volition person to XXI erstwhile the $585 cardinal statement is completed.
The task strengthens Tether’s ties with Cantor, which manages US Treasury reserves backing Tether’s USDT, which boasts a marketplace headdress of $145.3 billion. Cantor besides owns a 5% involvement successful the stablecoin issuer.
Twenty One volition beryllium majority-owned by Tether and crypto speech Bitfinex, portion Japanese concern holding steadfast SoftBank volition ain a “significant” number share.
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