The race for Bitcoin supremacy just got more complicated.

Twenty One Capital, backed by Tether, SoftBank, and Cantor Fitzgerald, plans to stack as much BTC as it possibly can. 

But is this new venture really about Bitcoin … or about creating a hyper-volatile stock to play market cycles?

This week on Unchained, Jeff Park of Bitwise and Mark Palmer of Benchmark join to discuss:

• Why SoftBank and Tether are a “perfect match”—and why they turned to Bitcoin
• How volatility, not bitcoin itself, might be the real asset investors are buying
• What Cantor’s involvement says about Wall Street’s readiness for crypto
• Why the launch timing matters
• Whether Twenty One could repeat MicroStrategy’s mistakes
• Whether these new Bitcoin vehicles are better bets than spot bitcoin or ETFs

Plus, is SoftBank getting into crypto a top signal? 👀

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Bitwise

• Jeff Park, Head of Alpha Strategies at Bitwise
• Mark Palmer, Senior Analyst at Benchmark

• Recent coverage of Unchained on Twenty One: Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed?

• Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners
• Jeff Park’s post on X

Timestamps:

📰 0:00 Introduction

🚀 2:07 Why Jeff sees the Twenty One Capital launch as a huge development

🧠 6:09 How Twenty One might learn from MicroStrategy’s playbook

🏦 11:59 Risks of turning into the next Celsius, Voyager or Genesis

💸 18:52 Why Bitcoin needs income-generating activities to evolve

📊 21:17 How metrics like bitcoin per share bridge crypto and TradFi 

🤝 30:16 Whether Tether’s participation makes sense

💍 34:18 Why Jeff thinks SoftBank and Tether are “a perfect match”

🚩 42:29 Is SoftBank entering crypto a top signal?

🏛️ 46:32 Why Cantor’s involvement shows Wall Street is serious

📈 50:24 Why bitcoin vehicle stocks trade at a premium

🗓️ 55:48 Why timing matters compared to MicroStrategy’s 2020 debut

🧮 1:00:06 How to decide between investing in vehicles, spot bitcoin, or ETFs

🌊 1:08:52 Whether SOL investment vehicles will have the same success as bitcoin ones

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