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 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) (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, according to 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.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Brayden Lindrea
The story "Strike’s Mallers to head firm seeking superior Bitcoin play to MSTR" has 554 words across 19 sentences, which will take approximately 3 - 5 minutes for the average person to read.
Which news outlet covered this story?
The story "Strike’s Mallers to head firm seeking superior Bitcoin play to MSTR" was covered 10 hours ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 34 news stories per day.
It's most recent story was published 8 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
