"Beware of a new Bitcoin giant entering the market," warns cryptocurrency experts as Twenty One Capital readies its launch with 42,000 Bitcoin, valued at approximately $3.9 billion. This massive Bitcoin treasury positions Twenty One immediately as the third-largest corporate Bitcoin holder globally, standing behind only Strategy (formerly MicroStrategy) and Marathon Digital Holdings.

Twenty One's Bitcoin holdings, while substantial, remain dwarfed by Strategy's enormous 538,200 BTC treasury. The newcomer, however, brings significant innovation to the Bitcoin company ecosystem with heavyweight financial backing. The initial Bitcoin contributions come from three major players: Tether supplying 23,950 BTC ($1.5 billion), SoftBank contributing 10,500 BTC ($900 million), and Bitfinex adding 7,000 BTC ($600 million).

The company joins a growing ecosystem of Bitcoin treasury adopters, including Semler Scientific and Metaplanet, all following variations of the Bitcoin pure play strategy. Jack Mallers, appointed as Twenty One's CEO, articulates a bold vision beyond merely competing in the current market: "We're not here to beat the market, we're here to build a new one."

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The Launch of Twenty One: A New Bitcoin Company

Bitcoin just got a major institutional boost. Financial titan Cantor Fitzgerald, stablecoin powerhouse Tether, and Japanese investment giant SoftBank have joined forces to launch Twenty One Capital—a Bitcoin-focused company aiming to reshape crypto finance.

Who is behind Twenty One Capital?

Twenty One is the result of a merger with Cantor Equity Partners, a SPAC backed by Cantor Fitzgerald. Tether and Bitfinex hold majority ownership, SoftBank owns a significant minority, and Cantor brings Wall Street access. Strike founder Jack Mallers steps in as CEO, bringing serious Bitcoin innovation credentials. Paolo Ardoino, CEO of Tether, praised Mallers as the ideal leader to drive Bitcoin adoption.

How much Bitcoin does it hold at launch?

Twenty One launches with 42,000 BTC (~$3.6 billion), instantly ranking as the third-largest corporate Bitcoin holder, behind only Strategy (538,200 BTC) and MARA (47,531 BTC). Contributions come from:

• Tether: $1.6B (~23,950 BTC)
• SoftBank: $900M (~10,500 BTC)
• Bitfinex: $600M (~7,000 BTC)

What Makes Twenty One Different from Traditional SPACs?

Unlike traditional SPACs, Twenty One is fully formed from the start—with leadership, capital, and a clear mission to become the most successful Bitcoin company. It introduces Bitcoin-native performance metrics like Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR), moving beyond fiat thinking.

While holding BTC is key, Twenty One also plans to launch lending products, capital tools, and Bitcoin-based media—creating a full-stack Bitcoin-native platform.

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Comparing Bitcoin Treasuries: Twenty One vs Strategy

"The Bitcoin treasury landscape has witnessed a seismic shift," declares cryptocurrency security experts tracking Twenty One Capital's powerful entry into the market. As a direct competitor to Michael Saylor's Strategy, Twenty One boldly positions itself as a "superior vehicle for investors seeking capital-efficient Bitcoin exposure". This audacious claim emerges as Twenty One prepares to launch with formidable backing from cryptocurrency giants Tether and Bitfinex, alongside technology investor SoftBank Group.

Strategy's 538,200 BTC vs Twenty One's 42,000 BTC

The magnitude difference between these two Bitcoin treasuries cannot be overstated. Strategy currently controls an impressive 538,200 BTC, accumulated through its aggressive Bitcoin acquisition strategy initiated in 2020. The company's most recent Bitcoin purchase added 6,556 BTC for $556 million, demonstrating unwavering commitment to Bitcoin as its primary treasury asset. With Bitcoin currently priced around $87,388, Strategy's holdings have reached a staggering net asset value of approximately $47.03 billion.

Twenty One Capital, by comparison, plans to launch with 42,000 Bitcoin, valued at approximately $3.6 billion based on a Bitcoin price of $85,000. Despite controlling less than one-tenth of Strategy's holdings, this initial treasury immediately establishes Twenty One as the third-largest corporate Bitcoin holder globally, trailing only Strategy and MARA Holdings with its approximately 47,600 BTC.

The founding partners' Bitcoin contributions to Twenty One are distributed as follows:

• Tether: $1.6 billion worth of Bitcoin (approximately $1.5-1.6 billion depending on sources)
• SoftBank: $900 million worth of Bitcoin
• Bitfinex: $600 million worth of Bitcoin

Twenty One's ambitions extend beyond these initial holdings. The company plans to raise an additional $585 million through a strategic combination of convertible bonds and equity financing, with substantial portions earmarked for further Bitcoin acquisitions.

This raises a crucial question: if Strategy already controls over 12 times more Bitcoin than Twenty One, what advantage could the newcomer possibly offer? The answer lies in what Twenty One identifies as Strategy's fundamental mathematical challenge.

Why Strategy Faces Diminishing Returns

Strategy’s explosive success—delivering ~2,400% stock returns since adopting Bitcoin—has ironically made future gains harder. With 538,200 BTC, each new purchase barely moves the needle on its Bitcoin Per Share (BPS). As its treasury grows, the law of diminishing returns kicks in: boosting BPS now requires increasingly massive buys. Strategy’s recent $556M acquisition of 6,556 BTC only increased holdings by 1.2%. That kind of scaling demands constant, large capital raises just to maintain momentum—an unsustainable trajectory for long-term outperformance.

How Twenty One Aims to Grow Bitcoin Per Share (BPS)

Twenty One Capital sees Strategy’s size as its weakness—and its own opportunity. With a leaner starting point, every Bitcoin Twenty One acquires has a magnified effect on BPS. Its metrics—Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR)—reflect a Bitcoin-native mindset: growth measured in satoshis, not dollars. Built from scratch for Bitcoin accumulation, Twenty One plans to launch native financial tools, leverage capital flexibility, and keep operations efficient. Backed by industry heavyweights and led by Strike’s Jack Mallers, it aims to outpace Strategy by optimizing for Bitcoin value creation from day one.

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The Rise of Bitcoin-Native Public Companies

"Knowledge is the key defense against fraud," goes the old crypto saying—and it’s especially true with new Bitcoin-native financial models. Twenty One Capital’s debut signals the next evolution: public companies built entirely around Bitcoin from day one, not just pivoting into it.

What is a Bitcoin-native company?

Bitcoin-native companies don’t just hold Bitcoin—they’re built on it. They operate with Bitcoin as a first principle, align business success with Bitcoin’s growth, and measure performance in BTC terms, not fiat. As CEO Jack Mallers puts it: “We're not here to beat the market, we're here to build a new one.”

How Twenty One differs from Strategy, Metaplanet, and Semler Scientific

Strategy still leads with 538,200 BTC, transforming from a software firm into a de facto Bitcoin holding company. But Twenty One, launched with 42,000 BTC and institutional backing from Tether and Bitfinex, was purpose-built for Bitcoin from day one.

Metaplanet (4,855 BTC) is targeting 21,000 BTC by 2026, while Semler Scientific holds 3,192 BTC at a higher acquisition cost—exposing it to sharper drawdowns when Bitcoin dips. Twenty One stands out by offering native Bitcoin products and financial tools, not just a BTC balance sheet.

Why investors are drawn to pure Bitcoin plays

With $196B in Bitcoin now held by ETFs, companies, and governments, demand for regulated exposure is booming. Bitcoin-native companies offer operational leverage, tax advantages, and brokerage-friendly access—without the custody headaches.

They often trade at a premium, too. Strategy’s mNAV multiple hovers near 2, showing investor appetite for more than just the underlying BTC. These firms bridge traditional markets and Bitcoin, and investors are betting they’ll outperform ETFs thanks to superior capital efficiency and Bitcoin-native strategies.

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Twenty One: Bitcoin-Native Company

Twenty One Capital isn’t just entering the Bitcoin race—it’s rewriting the playbook. As the first pure play Bitcoin company, it combines the raw financial firepower of Tether and SoftBank with a mission-first mindset under Jack Mallers’ leadership. With 42,000 BTC at launch, it’s already the third-largest corporate holder and a serious challenger to Strategy’s long-standing dominance. More than a treasury move, this is a statement: Bitcoin is no longer just an asset—it’s a foundation. Twenty One joins a growing wave of companies treating Bitcoin not as a hedge, but as a strategy. And in this new era, being Bitcoin-native might just be the ultimate edge.

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