Here’s the bull case for Twenty One Capital—why this could be a generational bet on Bitcoin infrastructure:
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1. Third-Largest Corporate Bitcoin Holder – Instant Credibility
• Launching with 42,000+ BTC puts it just behind MicroStrategy and Marathon, giving it immediate name recognition and relevance in institutional Bitcoin circles.
• Investors looking for direct BTC exposure without ETF constraints may flock to it—especially if it trades at a discount to NAV.
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2. Jack Mallers = The Bitcoin Maximalist’s Champion
• Mallers isn’t just a figurehead—he’s deeply embedded in Bitcoin payment infrastructure (Strike).
• His leadership can attract top talent, retail loyalty, and Bitcoin-native institutional partners.
• He’s publicly aligned with Bitcoin’s ethos: open, decentralized, self-sovereign money—something institutions increasingly want exposure to.
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3. Strategic Investors with Deep Pockets
• Tether, SoftBank, and Cantor Fitzgerald are no small players.
• Tether brings access to liquidity and stablecoin rails.
• SoftBank injects credibility in Asia and emerging markets.
• Cantor opens doors to Wall Street pipelines and compliance infrastructure.
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4. Bitcoin-Native Financial Infrastructure = Blue Ocean
• Twenty One isn’t just buying BTC—it plans to create Bitcoin-denominated capital markets.
• Metrics like Bitcoin per Share (BPS) and Bitcoin Return Rate (BRR) could become standards for BTC-native companies.
• If successful, this sets a new financial paradigm where Bitcoin is not just an asset—but the unit of account.
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5. The SPAC Route Could Be a Trojan Horse
• SPACs are hated right now—but that’s the point.
• If this trades at a discount to BTC NAV, it gives value investors and Bitcoiners a liquid, tax-advantaged entry point.
• Could attract activist investors, especially if they hold real BTC versus paper claims (unlike ETFs).
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6. Network Effects from Partnerships
• Potential nostr:nprofile1qqsvn0dkjt80raqrxd470c98n7zrdehmcvj6p5hgw3kyku6zyd8z0fqpz3mhxue69uhhyetvv9ujuerpd46hxtnfduq32amnwvaz7tm9v3jkutnwdaehgu3wd3skueq4ulz2v Strike + Tether + Cantor integrations could enable:
• Global payments (via Strike)
• BTC-backed credit markets
• Bitcoin-native treasuries for emerging market firms
• Twenty One could monetize Bitcoin beyond hodling—as a base layer for financial services.
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7. Regulatory Moat Over Time
• The alliance with Cantor and SoftBank gives it a leg up on navigating U.S. regulation.
• If stablecoins or Bitcoin infrastructure firms get licenses, Twenty One could be first to market with Bitcoin-native ETFs, insurance, lending, etc.
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Bottom Line (Bull View):
Twenty One isn’t just long BTC—it’s long Bitcoin as a monetary system.
If executed right, this becomes the Berkshire Hathaway of Bitcoin, building and acquiring BTC-native infrastructure while the rest of TradFi plays catch-up.