Twenty One Capital Bitcoin ambitions are gaining attention as the new treasury firm enters the market with 42,000 BTC. Backed by major players like Tether, SoftBank, and Bitfinex, the firm aims to challenge Michael Saylor’s Strategy by outperforming on key Bitcoin metrics. The launch signals growing competition in the institutional Bitcoin space.
Twenty One Capital Bitcoin Strategy
The company’s initial BTC reserve comes from contributions by Tether, SoftBank, and Bitfinex. In return, these partners will receive shares priced at $10 each. Approximately 389 million shares will be issued in this deal, making it one of the largest single-asset Bitcoin treasuries at launch.
Twenty One Capital also plans to raise $585 million through the sale of convertible bonds and additional equity. If the entire sum is used to acquire more Bitcoin, the company could hold up to 48,313 BTC — still significantly below Strategy’s 538,200 BTC, but with a more aggressive per-share strategy.
Bitcoin Treasury Competition Intensifies
Although Strategy leads in total BTC value, Twenty One Capital Bitcoin strategy focuses on two performance indicators:
- A higher number of BTC per share
- A faster growth rate of BTC compared to share dilution
CEO Jack Mallers, founder of Strike, believes that Twenty One Capital can outperform due to its more efficient share structure. Unlike Strategy, which frequently issues convertible debt to fund BTC purchases — thereby diluting its shares — Twenty One Capital intends to maintain a tighter share base.
Strategy’s ongoing bond issuances increase the number of shares in circulation, which in turn lowers the number of BTC attributed to each share. Mallers argues that this makes Strategy less attractive to investors seeking strong per-share metrics and long-term value.
A New Kind of Bitcoin Treasury
The Twenty One Capital Bitcoin model represents a new approach in corporate digital asset management. By emphasizing accumulation speed and share efficiency, the firm hopes to attract investors looking for exposure to Bitcoin without excessive dilution. It also offers a transparent structure, potentially giving it an edge in future treasury models.
While Strategy currently holds a dominant position with over $49.9 billion in Bitcoin, Twenty One Capital’s structure could position it as a long-term challenger. If its performance aligns with expectations, the company may redefine how treasury-backed Bitcoin investments are evaluated.
