Blockware Intelligence Newsletter: Week 173
Bitcoin on-chain analysis, mining analysis, macro analysis; overview of 4/18/25 - 4/25/25
Billionaire-Backed Bitcoin Treasury Company: Twenty One
Out of nowhere, a new competitor to MicroStrategy hit the market this week and it has made a splash already. Twenty One, currently trading under the ticker $CEP (but soon to be $XXI), is going live through a Special Purpose Acquisition Corp (SPAC) and it is backed by some major players:
Tether
Cantor Fitzgerald
SoftBank
Jack Mallers (CEO)
This combination of partners makes Twenty One arguably the Bitcoin company with the largest institutional backing. Tether is a free-cashflow machine with deep ties across the Bitcoin industry. Cantor & SoftBank are as TradFi as TradFi gets; each with hundreds of billions of dollars under management. And Jack Mallers is one of the most trusted and knowledgeable entrepreneurs in Bitcoin; the perfect figurehead to lead such an operation.
The goal of Twenty One is simple: increase Bitcoin per Share. Twenty One will utilize their combined relationships and resources to tap the capital markets in efficient ways – likely creating products similar to Strategie’s convertible bonds, preferred stock, etc. – to increase Bitcoin per Share for their common stock holders.
Since the announcement the stock has more than tripled in value.
Should you purchase Twenty One instead of BTC or $MSTR…
