Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? - Ep. 824
A new company called Twenty One is making waves—with a launch strategy that echoes Strategy (formerly MicroStrategy), a cap table that includes Tether, SoftBank, and Cantor Fitzgerald, and a plan to acquire more Bitcoin than anyone else.
They’re starting with 42,000 BTC, worth nearly $4 billion, and they’ve hinted they’ll use convertible debt, equity raises, and other market mechanics to buy more.
But is this just a smarter MicroStrategy? Or a recipe for financial reflexivity gone wrong?
In this episode, Matthew Sigel, head of digital assets research at VanEck, digs into:
- How the strategy works and why it could break
- What happens if the stock trades below NAV
- Why timing the market may be a feature, not a bug
- And whether this signals a new phase in corporate Bitcoin exposure
Sigel also shares a bold idea for “BIT Bonds” that could let the U.S. Treasury issue Bitcoin-linked government debt. Could it work?
Plus, Unchained regulatory reporter Veronica Irwin talks about her scoop that we might see a crypto market structure bill as early as this week.
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
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Guest
- Matthew Sigel, Head of Digital Assets Research at VanEck
Links
- Unchained:
- Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners
- The Block: Strike founder Jack Mallers to lead Tether-backed multi-billion bitcoin buying venture, Twenty One Capital
- Ryan Watkins’ post on X
- Jeff Park’s post on X
Timestamps:
👋 0:00 Introduction
🚀 4:59 How Twenty One plans to buy more bitcoin than anyone else
⚠️ 7:23 The key risks behind the reflexive BTC acquisition strategy
📈 12:38 Why more companies are copying the MicroStrategy playbook
👔 16:17 Jack Mallers’ role and why the CFO matters even more here
💥 17:55 Could one bad move blow these companies up?
💰 22:28 The types of investors this model attracts
⏳ 25:40 Did Twenty One launch at the worst possible time?
🤔 26:58 How to think about investing in BTC vs. these BTC-heavy stocks
🇺🇸 28:23 Unchained regulatory reporter Veronica Irwin on why a market structure bill might be on its way relatively soon
📰 35:31 Crypto News Recap
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