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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.
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EPISODE TRANSCRIPTGuest
- 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