In the pro-cryptocurrency atmosphere of the Trump presidency, a new investment commitment model centered on Bitcoin (BTC) has emerged. Twenty One Capital, a Bitcoin financial company led by Strike founder Jack Mallers and supported by Tether, SoftBank, Bitfinex, and Cantor Fitzgerald, has officially announced its launch.
Twenty One Capital has secured initial capital of 42,000 Bitcoins, worth approximately $3.9 billion (about 5.7 trillion won) at current market rates. Of these, 23,950 BTC were provided by Tether, 10,500 BTC by SoftBank, and the remaining 7,000 BTC by Bitfinex. These assets are set to be converted to shares at $10 per share. The company is pursuing a Nasdaq listing through a SPAC merger with Cantor Equity Partners, with the ticker code 'XXI'. Currently, they are preparing to raise $585 million in investment through convertible bonds and stock issuance.
Mallers stated, "Our goal is to become the most successful company centered on Bitcoin," and "We exist not to beat the market, but to create a new market." He defined the company as a publicly listed company "created by Bitcoin believers, for Bitcoin."
In its investor presentation submitted to the SEC, Twenty One Capital directly targeted MicroStrategy's current structure. The company pointed out that Michael Saylor's strategy has limitations in terms of future Bitcoin price increase opportunities. MicroStrategy, which already holds 534,741 BTC, would need even larger Bitcoin investments to further increase its Bitcoin per share (BPS) value, which has limitations in terms of capital efficiency.
In contrast, Twenty One Capital emphasizes that it is a purer Bitcoin investment vehicle, stating that it can provide higher efficiency to investors based on its native Bitcoin-based operation method and strategic capital raising flexibility.
The emergence of Twenty One Capital is interpreted as a symbolic event signaling the evolution of a publicly listed company model using Bitcoin, bolstered by the cryptocurrency-friendly political atmosphere in the United States, especially the market-friendly stance of the Trump presidency. Experts expect this structure to become an attractive means for both individual and institutional investors in the future.
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