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I’ve just stumbled upon this text by Adam Livingston :

“So Tether, Softbank, and Cantor Fitzgerald are forming 21 Capital with CEO Jack Mallers.

Let's be real:

This is a corporate exoskeleton for Tether's global liquidity machine to operate inside U.S. equity markets and hoard the scarcest asset on Earth without regulatory speedbumps.

It’s like giving a cartel diplomatic immunity, then asking it to do quarterly earnings calls.

SoftBank didn't join for fun. They saw MSTR mint a 2,000+% return on BTC purchases and said, “Cool, now let’s do it ourselves."

This company is launching with $585M in PIPE funding, $385M of it in convertible notes backed by Bitcoin at a 3:1 collateral ratio.

That’s financial LSD for every structuring desk on the Street.

The moment BTC rips, they release collateral, unlock capital, and buy more. Recursive BTC compounding inside a public vehicle.

This is Saylor with a global stablecoin treasury, a high-frequency derivatives desk, and a Tokyo war chest.

They literally measure success in Bitcoin Per Share (BPS) and Bitcoin Rate of Return (BRR) - not fiat cash flow, not EBITDA, not shareholder yield. Bitcoin. Per. Share. That’s the KPI. That’s the religion.

And here’s the kicker: Tether will own majority control.

That’s like OPEC launching a public oil ETF that owns half the oil and pricing it at NAV.

And Wall Street’s fine with this. Why? Because the fees are good, the volatility is tradable, and the suckers at home still think we’re “early.”

This isn’t the institutional adoption phase anymore.

This is the corporatized colonization of the Bitcoin protocol, executed through a Cayman shell and priced in your grandchildren’s tears.

You’re not front-running Wall Street anymore.

You’re being front-fed the illusion that you are.

And the price?

You’ll watch it go vertical while CNBC blames inflation and 7 sovereign ETFs pretend they understand what just happened.

Bitcoin’s next leg up won’t be demand-driven. It will be capital-structured. Engineered. Manufactured. Monetized.

Mega corporations are now turning Bitcoin it into the new global collateral standard - and selling you the derivative.

Welcome to the great absorption.

Hope you brought a chart.”

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