Source: Cointelegraph Original: "{title}"
Twenty One Capital is a newly established Bitcoin (BTC) asset management company led by Strike founder Jack Mallers, supported by Tether, SoftBank, and Cantor Fitzgerald. The company aims to surpass Michael Saylor's investment strategy and become "the most capital-efficient Bitcoin investment tool for investors."
According to a statement on April 23, Twenty One revealed plans to launch with 42,000 Bitcoins (valued at $3.9 billion), of which approximately 23,950 Bitcoins come from Tether, 10,500 from SoftBank, and 7,000 from Bitfinex. These Bitcoins will be converted into equity at a price of $10 per share.
The company is seeking to go public through a blank check merger with Cantor Equity Partners. Once an agreement is reached with investors, it plans to raise $585 million through convertible bonds and equity financing, trading on NASDAQ under the ticker XXI.
"Our mission is simple: to become the most successful company in the Bitcoin space and seize the most valuable financial opportunities of our time. We are not here to beat the market, but to create a new market," said Mallers, founder and CEO of Strike, which focuses on Bitcoin payments.
In an investor presentation submitted to the U.S. Securities and Exchange Commission (SEC), Twenty One specifically compared its business model to Strategy, claiming it could be "a superior option for Bitcoin investors seeking the highest capital efficiency."
The company stated that Strategy's ability to create shareholder value through future Bitcoin purchases will be limited, as it currently holds 534,741 Bitcoins and would need to make larger investments to increase the number of Bitcoins per share (BPS), which would weaken the impact of future capital deployment on dollars per share.
Twenty One asserted that, with its Bitcoin-native operations and more flexible strategic financing capabilities, it will provide a more "pure" investment option for investors seeking Bitcoin investments.
According to data from BitcoinTreasuries.NET, the launch scale of 42,000 Bitcoins would make Twenty One the third-largest corporate Bitcoin holder, behind Strategy and Bitcoin mining company MARA Holdings, which holds 47,600 Bitcoins.
Twenty One also plans to develop multiple Bitcoin-centric products, including Bitcoin debt and equity products, consulting services, lending platforms, and educational platforms.
The company stated, "Twenty One's mission is to accelerate Bitcoin adoption and knowledge dissemination at both the institutional and retail levels."
The company will also collaborate with industry participants to host Bitcoin conferences.
According to Google Finance data, this news propelled Cantor Equity Partners (CEP) stock price to surge 54.2% to $16.50 on April 23, with an additional 25.1% increase in after-hours trading. Once the $585 million agreement is completed, CEP will convert to XXI.
This partnership strengthens the ties between Tether and Cantor. Cantor is responsible for managing the U.S. Treasury reserves backing Tether (USDT), which currently has a market capitalization of $145.3 billion. Cantor also holds a 5% stake in the stablecoin issuer.
Twenty One will be majority-owned by Tether and cryptocurrency exchange Bitfinex, while Japanese investment holding company SoftBank will hold a "significant" minority stake.
Related: Report: Cantor plans to jointly establish a $3 billion crypto investment company with SoftBank, Bitfinex, and Tether.
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